Carney Pledges No Rush to Raise Rate as BOE Focuses on Wages
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Mark Carney pledged that Bank of England officials won’t rush to raise interest rates as he highlighted overseas risks to Britain’s recovery and the weakness of wages.
Speaking after a mixed labor market report that showed the first drop in pay since 2009 and the lowest unemployment since 2008, the BOE governor said Britain’s expansion “faces some challenges.” He told reporters in London that policy makers are focusing on wages, and share a similar view to investors on the path of interest rates being “gradual and limited.”