- No material evidence of sector mismatches in the labour market, which has remained highly flexible
- Not convinced we have to lean heavily and constantly against an embedding of an inflationary mindset
- We need to carefully judge risks on both sides
- Impact of higher energy prices will not be felt evenly, these factors could amplify the hit to aggregate demand
- Firms and workers do not have the same bargaining power as in the 1970s
- In all likelihood, Ukraine invasion will intensify and prolong the surge in inflation and tighten the squeeze on household incomes
- Doesn't think we are seeing a psychology of persistently higher inflation emerging
- There is little monetary policy can do to offset externally-generated pressure on prices
These are dovish comments.
