Bean Says BOE Jobless Threshold Should Temper Yield Tightening
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Bank of England Deputy Governor Charlie Bean said a tightening in U.K. gilt yields should be restrained by its pledge not to consider raising interest rates before unemployment falls to 7 percent.
“Short-term yields have moved up since our announcement on a string of good news about the economy, but the unemployment threshold, by serving as a reminder of just how much growth is needed to regain lost ground, should temper the extent of any tightening,” Bean said today at the Federal Reserve Bank of Kansas City’s annual symposium in Jackson Hole, Wyoming.