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Catherine Mann of the Bank of England expressed concerns that a 100 basis point rate cut over the next year would exacerbate inflation. She opposes this aggressive approach, emphasizing that it does not align with her views on future demand conditions and persistent inflation.
Catherine Mann of the Bank of England cautioned against cutting interest rates, citing inflation risks linked to Donald Trump's election as U.S. president. She emphasized that global shocks often drive inflation in the UK and highlighted the potential for increased economic volatility and trade fragmentation under Trump's policies. Mann advocated for a cautious monetary policy approach until inflation pressures show signs of easing.
Bank of England rate-setter Catherine Mann stated that monetary policy is influencing inflation more rapidly than traditional economic theories indicate. This allows policymakers to delay significant interest rate cuts, as rate decisions can immediately affect firms' pricing strategies, bypassing the usual 18 to 24-month lag.
The Bank of England has cut interest rates by 25 basis points, coinciding with the lowest inflation rate in the UK in three years at 1.7%. As investors await the upcoming Fed meeting, they anticipate potential rate hikes, which could lead to increased market volatility. The GBP/USD pair is currently at a daily high, with key resistance at USD 1.305.
The Bank of England has cut borrowing costs for the second time this year, reducing the benchmark interest rate to 4.75%. While eight members of the Monetary Policy Committee supported the move, Catherine Mann dissented, advocating for a hold at 5%. The bank cautioned that the budget could increase inflation by up to half a percentage point.
Catherine Mann
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