Bank of England’s Martin Weale, speaking in a BBC radio interview, said “What we have seen over the last few months is a very sharp fall in oil prices that has a direct first-round effect on the rate of inflation. But it’s a separate issue to where inflation is going to be in, say, two years’ time” “When we set monetary policy, we do it with reference to where we think inflation is going to be in about two years’ time” Martin Weale told BBC radio in an interview broadcast on He’s said pretty much the exact same thing before (for example, here). Weale is viewed as a policy hawk on the Bank of England’s Monetary Policy ... (full story)