BOE dep gov on BBC Radio a short while ago in a pre-recorded interview
- would be foolish for MPC to predict timing of rate hike
- must see balance of risks on inflation over target for hike
- economy well into recovery process
- not much inflationary pressure at present
- MPC is reacting to "unpredictable" data
- still a spare bit of capacity in economy
- need risk above-target CPI for rate hike
- its reasonable to say the BOE is closer to rate increase
GBPUSD 1.5512 from 1.5520 EURGBP 0.7036
I think the headline is a fair comment and an attempt to clarify again what Carney said in a recent speech about looking at rate hikes around the turn of the year. He said yesterday the media got it wrong and what he meant is that the BOE would start to look at rate hikes not actually make those hikes
So yes, interest rates will go up but there is no immediate need and rate hikes carry risks, something I've been saying for a long while now
Broadbent - not in a rush to hike rates
