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BOE Chief Economist Urges Against More Rate Cuts Too Quickly
The Bank of England Chief Economist Huw Pill warned against anticipating further interest rate reductions soon, saying efforts to contain inflation aren’t yet finished and there’s evidence that companies are still driving up prices. The official who sits on the nine-member Monetary Policy Committee voted against yesterday’s quarter-point reduction in the key lending rate to 5%. He said the UK has “made progress” on reducing inflation, but “it’s not yet job done.” The remarks underscore a 5-4 division on the MPC about the first easing of policy since the pandemic. While inflation, which reached double ... (full story)