The Bank of England governor has signalled markets are right to expect more than one interest rate cut this year, saying he is increasingly confident inflation is heading towards target.
Andrew Bailey told the Financial Times that rate cuts were “in play” at future meetings of the BoE Monetary Policy Committee amid signs that tighter policy had quelled the risk of a wage-price spiral.
“It’s like the Sherlock Holmes dog that doesn’t bark. If the second-round effects don’t come through, that’s good because monetary policy has done its job,” he said.
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