BoE MPC member Megan Greene said at an event overnight that rate cut is no on the immediate horizon. She characterized that BoE is in a “trade-off territory”, in an environment of persistent high inflation coupled with weak growth in the UK.
“We have to weigh the risk of doing too much against the risk of doing too little,” Greene explained.
She expressed a particular concern that being too cautious could lead to more severe consequences down the line: “In my mind, doing too little is the bigger risk because you end up having to hike rates even higher in the end and could end up generating an even bigger recession,” she noted.
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