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Bank of England (BoE) Governor Andrew Bailey said on Friday that he doesn’t see significant second-round inflation effects in the UK, in an interview with Bloomberg TV at the Jackson Hole Symposium.
Bailey stated, “We’re seeing quite subdued second-round effects, I think we’ve seen a softening labour market for some time now,” suggesting that he is in a wait-and-see mode, ahead of the BoE’s monetary policy on September 17.
Bailey stressed that the BoE is not pre-committed to an interest rate path, assessing the economic situation meeting by meeting, adding that “We are seeing, at the moment, relatively muted second-round inflation effects.”
Key highlights:
WE ARE SEEING QUITE SUBDUED 2ND ROUND EFFECTS SO FAR
WE CAN WATCH THIS SITUATION FOR NOW
I CANNOT PROMISE THAT MUTED 2ND ROUND EFFECTS WILL CONTINUE
