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BoE’s Bailey: UK Economic Activity Picking Up
BoE’s Bailey: UK Economic Activity Picking Up
— LiveSquawk (@LiveSquawk) February 1, 2024
- UK Faces Inflation Risks At Home And Abroad
- Red Sea Conflict, Wage Pressures May Boost Prices
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Good morning. I’m pleased to be here with Senior Deputy Governor Carolyn Rogers to discuss our recent policy announcement and the Bank of Canada’s Monetary Policy Report. Last week, we maintained our policy interest rate at 5%. We are also continuing our policy of quantitative tightening. Our message is twofold. First, monetary policy is working to relieve price pressures, and we need to stay the course. Inflation is coming down as higher interest rates restrain demand in the economy. But inflation is still too high, and underlying inflationary pressures persist. We need to give these higher rates time to do their work. Second, with overall demand in the economy no longer running ahead of supply, Governing Council’s discussion of monetary policy is shifting from whether our policy rate is restrictive enough to restore price stability, to how long it needs to stay at the current level. Let me give you some economic context for these considerations and talk about the implications for monetary policy. Economic growth stalled in the middle of 2023. For many Canadians, the combination of higher prices and higher interest rates has been difficult. But past interest rate increases have helped the economy rebalance, and this is relieving price pressures. Lower energy prices and improvements in global supply chains have also helped to bring inflation down. post: BoC’s Macklem: Reiterates If New Developments Push Inflation Higher, We May Still Need To Raise Rates
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- Posted: Feb 1, 2024 11:02am
- Submitted by:Category: Low Impact Breaking NewsComments: 0 / Views: 2,602