BlogsBoE Governor Bailey (post-meeting statement)

US PPI exFood/Energy YY* (Apr) 3.2% vs. Exp. 3.3% (Prev. 3.4%)Equities continue lower as PACW fears re-ignite regional banking woes

Darren Krett

Thursday 11 May 2023

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BoE Governor Bailey (post-meeting statement)



BoE Governor Bailey (post-meeting statement) says outlook for growth and employment has improved INFLATION: Inflation will fall over the coming months, and will show in the April numbers due in a couple of weeks. Inflation remains too high; sees upside risks, but these might not materialise. Food price inflation will start to slow. Inflation is on course to halve by the end of this year. As inflation falls, second round effects not likely to go away as quickly as they came. Indicators of inflation persistence has been mixed. FORECASTS: Not a good forecast, but is 'less weak' than previously Still expects slack to emerge. Economy has been more resilient than BoE had expected.

FINANCIAL STABILITY: Increase in bank funding costs after overseas bank failures was short-lived.

POLICY OUTLOOK: BoE must stay the course to ensure inflation returns to 2%. If there were further upside pressures in inflation, MPC will continue to tighten policy. Past rate hikes will weigh on the economy more in the coming quarters, and MPC will factor this into policy decisions

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