How is it a close call when only 2 of 9 voted?
I see two-sided risks around expectations.— PiQ (@PriapusIQ) November 4, 2021
I can't give a specific time span for transitory inflation.
The longer the period of above-target inflation lasts, the more likely it will translate into expectations
Energy prices tend to rise and then fall, rather than remain permanently high.— PiQ (@PriapusIQ) November 4, 2021
The United Kingdom is being rocked by global shocks.
UK BoE Dep. Gov. Broadbent sees several reasons why inflation will be temporary.
DislikedBaily sold us all on a rate rise, and like stooges, we took the bait. Never to be trusted again. He even voted AGAINST a rate rise, after all his cheerleading for the rise prior to today. I, personally, would fire him. Big stain on the integrity of the BOE, and the UK itself, imho.Ignored
tweet at 8:42am: BOE'S BAILEY CAUTIONS ON THE SCALE OF RATE RISES SEEN IN MARKET tweet at 8:43am: BAILEY SAYS RECENT DATA REINFORCE VIEW THAT RATES NEED TO RISE tweet at 8:43am: BOE'S BAILEY: MEDIUM TERM INFLATION EXPECTATIONS ARE ANCHORED tweet at 8:43am: BOE'S BAILEY: INFLATION PEAK IS MATERIALLY HIGHER THAN AUG. EST tweet at 8:44am: BOE'S BAILEY - CANNOT GIVE FIXED TIME SPAN FOR 'TRANSITORY' INFLATION
tweet at 8:33am: Presser Begins: BoE Gov. Bailey: The UK and the global economy continues to face difficulties as we recover from pandemic There are some signs of sluggish consumer spending growth. tweet at 8:35am: BOE GOV. BAILEY: THE INCREASE IN UNEMPLOYMENT AFTER FURLOUGH IS ONLY EXPECTED TO BE SMALL. tweet at 8:35am: BOE GOV. BAILEY: MINIMAL SIGNS OF A SURGE OF LAYOFFS. tweet at 8:35am: BANK OF ENGLAND'S BAILEY - MONETARY POLICY CAN DO LITTLE TO AFFECT INFLATION IN THE NEAR TERM tweet at 8:37am: BANK OF ENGLAND'S BAILEY - MPC JUDGE MEDIUM-TERM INFLATION EXPECTATIONS STILL WELL ANCHORED, WILL MONITOR CLOSELY
In the week ending October 30, the advance figure for seasonally adjusted initial claims was 269,000, a decrease of 14,000 from the previous week's revised level. This is the ...
tweet at 9:32am: MORE BOE'S BAILEY: STAGFLATION 'IS NOT A WORD WE USE ... IT'S AN OVERLY SIMPLISTIC' DESCRIPTION 'OF WHAT IS GOING ON' #ukeconomy #bankofengland #andrewbailey #monetarypolicy
tweet at 9:46am: JMMC supports no change to Opec policy-sources #OOTT #Opec tweet at 9:46am: So that's basically easing the cuts by 400k #OOTT