BoE Chief Economist Huw Pill said in a conference today that there is “no quick fix” on inflation. He added, ” lack of a quick fix means some patience will be required.” He also said he had not made up his mind whether he would vote for a rate hike in December’s meeting.
He added that policy communications was getting more complicated due to the two-side risks to both growth and inflation outlook. But, he said the central wanted to “train” the markets to focus more on the medium-term outlook and the two-side risks. Also, Some volatility was unavoidable give the uncertainty regarding the precise timing of the rate hikes.
