The BOE Tenreyro is speaking and says
- My vote to leave bank rate unchanged at my final policy meeting rested on what the latest data implied about the medium term.
- Forward-looking indicators had pointed towards falls in both pay growth and core-goods inflation over the rest of the year.
- Data could be consistent with a slightly slower decline in domestic inflationary pressures.
- Tightening already in the pipeline would be sufficient to bring inflation back to, and most likely below, the target.
- Sharp increase in interest rates at longer horizons more than sufficient to offset the recent data news.
- Advantages of MPC members publishing their own views on future policy outweigh the potential costs.
She will be leaving the BOE on July 4th, so mark the comments as the potential last harrah as a policy member.
- My vote to leave bank rate unchanged at my final policy meeting rested on what the latest data implied about the medium term.
- Forward-looking indicators had pointed towards falls in both pay growth and core-goods inflation over the rest of the year.
- Data could be consistent with a slightly slower decline in domestic inflationary pressures.
- Tightening already in the pipeline would be sufficient to bring inflation back to, and most likely below, the target.
- Sharp increase in interest rates at longer horizons more than sufficient to offset the recent data news.
- Advantages of MPC members publishing their own views on future policy outweigh the potential costs.