No doubt he will go as KC Fed President Tom Hoenig….
Sentance, like Hoenig, is alone on his monetary policy committee in calling for an immediate hike in interest rates. Like Hoenig,Sentance knows there is no chance of this happening.
The BOE MPC member repeats that rates should rise gradually and that a rate rise now would reduce the risk of the need for a bigger rate rise later. He also wants deficit reduction which he says is needed to ensure confidence.
Cable is recovering versus earlier levels as EUR/GBP sees some sharp profit-taking. The cross has fallen back to 0.8795 from earlier 0.8839 highs. Cable is up to 1.5880 from 1.5810 in late London trade.
