- UK monetary policy was in a difficult phase amid “stubbornly high” price pressures
- Had to resist temptation to declare victory on inflation battle as October print remains high
- There’s slower growth in activity and employment
- Key indicators that BOE are focusing on i.e. services inflation, pay growth remain at “very elevated levels”
- The challenge is to ensure that there is enough persistence in restrictive monetary policy to bring inflation down
- Full transcript
As expected, they’re still keeping the door open to tighten further if need be. And after yesterday’s data, they can take in some added comfort that the economy doesn’t look to be slowing down by a whole lot worse in November.
This article was written by Justin Low at www.forexlive.com. Source