During his recent speech at IMF’s annual meeting in Marrakech, BoE Governor Andrew Bailey reflected on previous month’s decision to maintain interest rates at 5.25%. He characterized the decision as “a tight one”, added that “they’re going to go on being tight ones”.
The MPC’s narrow 5-4 vote to pause its series of consecutive rate hikes in September underscores the divided opinions within the bank regarding the best path forward.
Highlighting the bank’s recent efforts, Bailey commented, “We have made, I think, particularly in the last few months, solid progress in terms of showing signs that inflation is being tackled.”
However, he cautioned against overconfidence, adding, “let’s not get carried away because there’s an awful lot still to do.”
The “last mile” of inflation management, according to Bailey, will considerably depend on “restrictive policy.”
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