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- BoE's Pill: Some patience will be required before inflation returns to 2.0%
BoE's Pill: Some patience will be required before inflation returns to 2.0%
Bank of England Chief Economist Huw Pill said on Friday that some patience would be required before inflation comes back to 2.0%, according to Reuters. Pill said that he and the BoE's Monetary Policy Committee (MPC) are committed to achieving 2.0% inflation, but that there would be no quick fix. It is a pretty uncomfortable time to join a central bank, Pill continued. He joined the BoE as Chief Economist at the start of September.
Market Reaction
GBP/USD has not seen a notable reaction to the latest comments from the BoE's Chief Economists. His concern about inflation supports the case for a 15bps rate hike from the BoE in December, which is now the market's base case assumption.
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