The Bank of England’s chief economist has indicated that he will vote to keep interest rates at their current 15-year high of 5.25 per cent for a long period rather than raising them much further.
Huw Pill told an audience at South Africa’s central bank on Thursday that the BoE still had to “see the job through” and be vigilant with “stubbornly high inflation”, but pushed back against financial market expectations that this meant further interest rate rises.
At present, markets are pricing in an increase in the BoE’s policy rate to 5.75 per cent by the end of the year, before lowering it in 2024 and beyond.
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