BOE Chief Economist Warns UK Rate Cuts Are Still ‘Some Way Off’
- Markets pare back UK rate cut bets after comments, US jobs
- ‘Restrictive’ stance until underlying inflation eases
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Bank of England Chief Economist Huw Pill said the first interest rate reduction is still “some way off” despite signals that borrowing costs have probably peaked.
Addressing the central bank’s regional agents after the deeply split vote to maintain the key rate at 5.25%, Pill said policy needed to remain “restrictive until the consistent component of inflation has been squeezed out of the system.”