Comments by BOE MPC member Gertjan Vlieghe
- Brexit uncertainty is having a dampening effect on some of the economy
- Doesn't believe he has a big difference with the central view of the committee
- His central projection is one/two 0.25% rate increases will be needed per year
- This will be over a three-year forecast period
- Says his central forecast is slightly above the rates path in May's inflation report
- Long-run impact of Brexit is not BOE's main concern
- The BOE is though concerned with domestic reactions to Brexit vote
- Unwinding of asset purchases likely to take place when rates have moved up sufficiently that they can be used effectively in either direction
- US trade tariffs have been too small to have a material effect on UK economy
Seems like Vlieghe is speaking first on his reappointment hearing. Then only we'll be hearing from the rest on the quarterly inflation report.
Vlieghe is a bit more of a dove, and I don't believe there'll be much in the comments here. The inflation report testimony is scheduled at the top of the hour but depending on how things progress in parliament we may hear from Carney a little earlier/later so keep your eyes peeled.
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