LONDON, July 1 — Bank of England Governor Andrew Bailey said today it was important not to over-react to a rise in inflation that was likely to prove temporary during Britain’s economic recovery from the Covid-19 crisis. Echoing the message from the BoE’s June policy meeting last week, Bailey...
LONDON, July 1 — Bank of England Governor Andrew Bailey said today it was important not to over-react to a rise in inflation that was likely to prove temporary during Britain’s economic recovery from the Covid-19 crisis.
Last week, the central bank said inflation would surpass 3 per cent as Britain’s locked-down economy reopens, but the climb further above its 2 per cent target would only be “temporary” and most policymakers favoured keeping stimulus at full throttle. A week earlier, the US Federal Reserve began to move towards reducing its pandemic stimulus by signalling its first rate hike in 2023, a year earlier than previous projections.In his speech, Bailey said there were at least three reasons why the increase in inflation would probably be temporary.
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