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Bank of England isn't committed to being 'forceful', Pill says

Saturday, June 18, 2022
Bank of England isn't committed to being 'forceful', Pill says © Reuters. FILE PHOTO: Buses travel past the Bank of England (BoE) building after the BoE became the first major world's central bank to raise rates since the coronavirus disease (COVID-19) pandemic, London, Britain, December 16, 2021. REUTERS/Toby Melville

By David Milliken

LONDON (Reuters) -The Bank of England's new message that it may have to act "forcefully" on interest rates is not unconditional and depends on the persistence of inflation pressures, the central bank's chief economist said on Friday.

While the BoE raised interest rates by just a quarter point on Thursday - lagging more robust action from the U.S. Federal Reserve and other central banks this week - markets are putting a 56% chance on a half-point rise in August and expect almost 100 basis points of tightening by September.

Huw Pill, who has previously advocated a "steady-handed" approach to rate rises, told Bloomberg TV that Thursday's statement represented a compromise on the Monetary Policy Committee, three of whose members voted for a half-point rise.

"The statement that we put out collectively is one that I think had a certain level of flexibility because it had to encompass those different views," Pill said.

"But at the same time, I think what we were trying to emphasise is that that flexibility also applies to what the decisions are. I don't think it's all about August. We talked about the pace, timing and scale of future decisions."

"And crucially, I think the word 'forcefully' - which clearly is the word the market is focused on, you focused on, and has a meaning - it's also important to see that that was put in the context of 'if necessary we will act forcefully', and so there's a conditionality there," Pill said.

The BoE's next scheduled Monetary Policy Committee decision is due to be announced on Aug. 4.

The BoE said on Thursday it was ready to act "forcefully" if needed to stamp out dangers posed by inflation as it raised interest rates for the fifth time since December.

Analysts were split on whether the BoE was signalling bigger rate hikes ahead or that it would wait to see how much a slowing of the economy would ease inflation pressures.

Pill denied the BoE had fallen behind the curve on tackling inflation which it expects to exceed 11% in October.

Raising rates aggressively would not stop short-term inflation pressures and would add to the risks of an undesirable slowdown in an economy that is already struggling, Pill said.

Instead, the BoE would look for things that might cause high inflation to persist - such as businesses raising prices to bolster profit margins, or headline wage growth staying high - when judging how far to raise rates, Pill said.

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30-06-2022 04:39:26 (UTC+7)

EUR/USD

1.0442

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EUR/USD

1.0442

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GBP/USD

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USD/JPY

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AUD/USD

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USD/CAD

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 EUR/USD1.0442↑ Sell
 GBP/USD1.2122Neutral
 USD/JPY136.57↑ Buy
 AUD/USD0.6879Buy
 USD/CAD1.2894Buy
 EUR/JPY142.60Neutral
 EUR/CHF0.9970↑ Sell
 Gold1,819.20↑ Sell
 Silver20.733↑ Sell
 Copper3.7717↑ Buy
 Crude Oil WTI109.63↑ Buy
 Brent Oil112.30↑ Buy
 Natural Gas6.416Neutral
 US Coffee C228.05↑ Sell
 Euro Stoxx 503,514.32Neutral
 S&P 5003,818.83↑ Buy
 DAX13,003.35↑ Sell
 FTSE 1007,312.32Sell
 Hang Seng21,996.89Neutral
 Small Cap 20001,713.32Neutral
 IBEX 358,188.00↑ Buy
 BASF41.580↑ Sell
 Bayer57.62Neutral
 Allianz183.72Buy
 Adidas170.02↑ Sell
 Lufthansa5.813↑ Buy
 Siemens AG101.40↑ Sell
 Deutsche Bank AG8.571Neutral
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