BOE Cunnliffe: Can afford to wait until there is clear evidence of faster pay growth

Author: Greg Michalowski | Category: Central Banks

Bank of England Deputy Gov.  speaking

He adds:
  • Voted against raising rates due to not immaterial risk that domestic inflation pressure will undershoot MPC forecast
  • Some historic relationships between economic variables  have gone on a longish leave of absence
  • Brexit impact uncertain, BOE can only respond to what its sees in economy now
  • Domestic inflation pressure low, sterling depreciation not causing second round effects and inflation expectations average

Comments are more dovish from the deputy governor.