- Bank of England Governor Andrew Bailey warned it will get harder to resist pressure to raise interest rates the longer high oil and gas costs persist.
- Bailey said the pass-through of the energy price shock has been quite subdued so far.
- Bailey said officials cannot wait for signs of second-order inflation effects to come through, keeping the BOE's policy bias tilted toward tightening.
Quotes
“it will get harder to resist pressure to raise interest rates the longer high oil and gas costs persist”
“the pass-through of the energy price shock has been “quite subdued” so far”
“officials can’t wait for signs of second-order inflation effects to come through”