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...UK inflation could hold around the Bank of England’s 2 per cent target for the next three years, according to an interest rate-setter, making the country “less of an outlier and more of a laggard” in terms...
...Perhaps if rate-setters had had this tool at their disposal as inflation started to climb, some of them wouldn’t have been so cautious in starting to raise rates and we wouldn’t have ended up with all of...
...A top Federal Reserve official has said strong US growth makes it “wise” for rate-setters to take their time and see the economy return closer to pre-pandemic normalcy before cutting rates from their current...
...A stronger than forecast US inflation figure caused a stir as European Central Bank rate-setters sat down for dinner in Frankfurt on Wednesday — but several attendees said it only toughened their resolve...
...The Bank of England interest rate cuts should be “a long way off”, one of the central bank’s most hawkish rate-setters has said, as he cautioned against jumping to conclusions based on falling headline inflation...
...The UK is set to lag behind its peers in returning inflation to target, a Bank of England interest rate-setter has warned, as she argued for a further increase in the cost of borrowing....
...This was a dovish pivot....
...Expectations of wage growth in UK businesses have fallen to a near two-year low, according to a closely watched Bank of England poll that will ease interest rate-setters’ concerns over sticky domestic price...
...The BoE’s approach left it more exposed when the MPC began sharply lifting rates in a bid to tame inflation in 2021, he noted in a paper this week....
...However, recent data pointing to a sharp economic downturn could tip the balance towards a pause this time. Read the full week ahead calendar here....
...After three MPC members, Andrew Bailey, Sir Jon Cunliffe and Huw Pill said UK rates were reaching a peak and could be held there, Mann disagreed....
...Wunsch said ECB rate-setters did not want to “over-emphasise” the “good news” from November’s bigger-than-expected drop in eurozone inflation....
...Turkey, as expected, raised by 5 points to 30 per cent, the fifth hike in a row under a new, orthodox policy team....
...Officials have made “increased confidence” a pre-requisite for lowering their benchmark federal funds target range from its current 23-year high of 5.25 per cent to 5.5 per cent....
...The figures suggest it could still take time before Bank of England rate-setters are confident that inflationary pressures in the economy have eased enough to start cutting interest rates from their current...
...However, while rate-setters acknowledged “significant progress” in their quest to drive inflation back towards the goal of 2 per cent, they said it reflected “idiosyncratic” factors....
...Catherine Mann, a BoE rate-setter, warned last month that services inflation, a key concern for the central bank, could remain high because of a “lack of consumer discipline” among richer people spending...
...Christopher Waller, a Fed governor and one of the most influential US rate-setters, on Wednesday said: “We made a lot of headway in reducing inflation in the past year or so, although the readings in the...
...While “a few” rate-setters dismissed January and February inflation readings as the result of “residual seasonality”, “some” on the FOMC noted the recent increases in price pressures “had been relatively...
...But Jack Meaning, economist at Barclays, said that a falling unemployment rate was at odds with other data sources that have shown a clear slowdown in hiring and a rapid cooling of wage growth....
...They were decidedly more hawkish than either rate-setters or investors, with the bulk expecting two or fewer cuts....
...Talking to Bloomberg, he added that a rate cut in June “would be a dangerous and egregious error”....
...Economists polled by Reuters expect eight rate-setters to vote for a pause and one for a rise, with any deviation having the potential to move markets. The vote split was 6-3 at the December meeting....
...Economists had forecast a core rate of 3.2 per cent in a Reuters poll....
...Interest rate setters must be led by data, and guard against irrational decision-making. That is particularly hard right now....
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