BOE MPC new member Silvana Tenreyro testifying to the TSC 17 Oct

  • my vote will depend on incoming data
  • wage growth has been very very weak
  • most measures of domestically generated UK inflation have been below target-consistent levels
  • BOE policy stance is appropriate given negative output gap and inflation above target
  • mistakes on rate timing can be costly
  • as output gap approaches zero I will be minded to vote for bank rate increase in coming months
  • some evidence that premature rate increase that turns out to be a mistake could need more cuts in the future

The second of the MPC newbies up before the Treasury Select Committee this morning and struggling tbh

Watch it live here. Carney up next at 10.15 GMT

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