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  • BoE's Governor Bailey: I would caution against views on the scale of the increase in the Bank Rate that would be likely to push inflation below target
Ekonomické zprávy
04.11.2021

BoE's Governor Bailey: I would caution against views on the scale of the increase in the Bank Rate that would be likely to push inflation below target

- Inflation expectations for 2-3 years out have risen less than short-term measures

- MPC judged medium-term inflation expectations are still well anchored and will monitor closely

- MPC notes that CPI will be below 2% target at end of forecast period, will probably fall little further beyond that point

- This period of higher inflation is likely to be temporary

- The longer the period of above-target inflation, the greater the chance it translates into expectations

- What happens to energy prices is very uncertain, there are material risks around it

- Our inflation framework recognizes there will be occasions when inflation will depart from target due to shocks

- Unemployment is not expected to rise materially in near term but there is high degree of uncertainty

- Rise in unemployment after furlough is only expected to be small

- Given lag between change in monetary policy and impact on inflation, BoE will always focus on the medium term

- Monetary policy can do little to affect near-term inflation

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