Inflation and the Bank of England: what its rate-setters are saying

Tuesday, July 20, 2021
Inflation and the Bank of England: what its rate-setters are saying © Reuters. FILE PHOTO: A person walks past the Bank of England in the City of London financial district, in London, Britain, June 11, 2021. REUTERS/Henry Nicholls/File Photo

LONDON (Reuters) - Some Bank of England officials say the time is approaching for action to fend off higher inflation as Britain reopens its economy, but others want more time to assess the risks or say the jump in prices is likely to prove temporary.

Following are highlights of BoE policymakers' recent comments about inflation and the outlook for the central bank's bond-buying programme and near-zero benchmark interest rates.

The BoE is due to announce it next monetary policy decisions on Aug. 5 along with new forecasts for the economy.

For an article on what the BoE's options for tightening monetary policy are, click on.

ANDREW BAILEY, GOVERNOR

July 15: "What we will have to do, again, is go through all the evidence and assess to what extent we think the sorts of things that underlie that are likely to be transitory ... I do react somewhat to people who say 'the Bank of England's being casual about it'."

DAVE RAMSDEN, DEPUTY GOVERNOR (MARKETS & BANKING)

July 14: "Based on the rapid pace of developments since we published our May forecasts and the shift in the balance of risks, I can envisage those conditions for considering tightening being met somewhat sooner than I had previously expected. That reflects my current assessment that on balance I put more weight on my inflationary than my disinflationary scenario."

JONATHAN HASKEL, EXTERNAL MEMBER

July 19: "In the immediate term, the risk of a pre-emptive monetary tightening curtailing the recovery continues to outweigh the risk of a temporary period of above-target inflation. For the foreseeable future, in my view, tight policy isn't the right policy."

MICHAEL SAUNDERS, EXTERNAL MEMBER

July 15: "In my view, if activity and inflation indicators remain in line with recent trends and downside risks to growth and inflation do not rise significantly (and these conditions are important), then it may become appropriate fairly soon to withdraw some of the current monetary stimulus ... For me, the question of whether to curtail our current asset purchase program early will be under consideration at our forthcoming meetings."

JON CUNLIFFE, DEPUTY GOVERNOR (FINANCIAL STABILITY)

July 14: "One shouldn't expect the reopening of the economy to be smooth. This is not something that you can just close down and reopen without bumps in the way ... We're seeing a surge in demand. We're seeing some constrictions in supply that's driving inflation. How persistent is that (is the) clear question... We would expect some of these pressures, and we would expect transitory pressures at this stage."

GERTJAN VLIEGHE, EXTERNAL MEMBER

May 27: "The first rise in Bank Rate is likely to become appropriate only well into next year, with some modest further tightening thereafter.... It would probably take until the first quarter of next year to have a clear view of the post-furlough unemployment and wage dynamics."

BEN BROADBENT, DEPUTY GOVERNOR (MONETARY POLICY)

May 7: Broadbent said policymakers were less likely to loosen policy than they thought three months earlier.

"The bias toward easing that we might have had is less pronounced," he said.

SILVANA TENREYRO, EXTERNAL MEMBER

April 12: "One lesson that we learned from the financial crisis is that withdrawing policy support too early can be very costly."

"Withdrawing it too early... can lead to scarring effects on the labour market that would be very costly and slow down growth going forward."

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28-07-2021 14:39:04 (UTC+7)

EUR/USD

1.1812

-0.0002 (-0.02%)

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Sell (7)

Indicators:

Buy (1)

Sell (6)

EUR/USD

1.1812

-0.0002 (-0.02%)

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↑ Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (1)

Sell (6)

GBP/USD

1.3881

+0.0007 (+0.05%)

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↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (9)

USD/JPY

109.86

+0.10 (+0.09%)

Summary

↑ Buy

Moving Avg:

Buy (10)

Sell (2)

Indicators:

Buy (10)

Sell (1)

AUD/USD

0.7347

-0.0014 (-0.18%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (8)

USD/CAD

1.2584

-0.0016 (-0.13%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

EUR/JPY

129.77

+0.10 (+0.08%)

Summary

↑ Buy

Moving Avg:

Buy (7)

Sell (5)

Indicators:

Buy (7)

Sell (0)

EUR/CHF

1.0807

+0.0006 (+0.05%)

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Neutral

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Indicators:

Buy (3)

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Gold Futures

1,804.00

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Sell (11)

Silver Futures

24.823

+0.174 (+0.71%)

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↑ Sell

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Buy (0)

Sell (12)

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Sell (11)

Copper Futures

4.5410

-0.0188 (-0.41%)

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↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (1)

Sell (6)

Crude Oil WTI Futures

71.92

+0.27 (+0.38%)

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Buy (0)

Sell (12)

Indicators:

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Brent Oil Futures

73.72

+0.20 (+0.27%)

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↑ Sell

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Buy (0)

Sell (12)

Indicators:

Buy (0)

Sell (10)

Natural Gas Futures

3.888

-0.030 (-0.77%)

Summary

Neutral

Moving Avg:

Buy (3)

Sell (9)

Indicators:

Buy (6)

Sell (4)

US Coffee C Futures

204.93

-2.87 (-1.38%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (8)

Sell (1)

Euro Stoxx 50

4,072.15

+7.32 (+0.18%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (1)

S&P 500

4,401.46

-20.84 (-0.47%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

DAX

15,503.95

-15.18 (-0.10%)

Summary

↑ Sell

Moving Avg:

Buy (1)

Sell (11)

Indicators:

Buy (0)

Sell (8)

FTSE 100

7,001.05

+4.97 (+0.07%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

Hang Seng

25,324.00

+263.13 (+1.05%)

Summary

Sell

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (0)

Sell (5)

US Small Cap 2000

2,189.73

-27.19 (-1.23%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

Sell (0)

IBEX 35

8,722.00

+22.80 (+0.26%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (9)

Sell (0)

BASF SE NA O.N.

66.135

-0.925 (-1.38%)

Summary

↑ Sell

Moving Avg:

Buy (2)

Sell (10)

Indicators:

Buy (1)

Sell (9)

Bayer AG NA

50.16

-0.43 (-0.85%)

Summary

Neutral

Moving Avg:

Buy (5)

Sell (7)

Indicators:

Buy (8)

Sell (1)

Allianz SE VNA O.N.

210.90

+0.62 (+0.29%)

Summary

↑ Buy

Moving Avg:

Buy (9)

Sell (3)

Indicators:

Buy (7)

Sell (2)

Adidas AG

309.60

+0.60 (+0.19%)

Summary

↑ Buy

Moving Avg:

Buy (11)

Sell (1)

Indicators:

Buy (10)

Sell (0)

Deutsche Lufthansa AG

9.963

+0.059 (+0.60%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (8)

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Siemens AG Class N

132.09

-1.24 (-0.93%)

Summary

↑ Sell

Moving Avg:

Buy (0)

Sell (12)

Indicators:

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Deutsche Bank AG

10.948

+0.343 (+3.23%)

Summary

↑ Buy

Moving Avg:

Buy (12)

Sell (0)

Indicators:

Buy (7)

Sell (2)

 EUR/USD1.1812↑ Sell
 GBP/USD1.3881↑ Sell
 USD/JPY109.86↑ Buy
 AUD/USD0.7347↑ Sell
 USD/CAD1.2584↑ Buy
 EUR/JPY129.77↑ Buy
 EUR/CHF1.0807Neutral
 Gold1,804.00↑ Sell
 Silver24.823↑ Sell
 Copper4.5410↑ Sell
 Crude Oil WTI71.92↑ Sell
 Brent Oil73.72↑ Sell
 Natural Gas3.888Neutral
 US Coffee C204.93↑ Buy
 Euro Stoxx 504,072.15↑ Buy
 S&P 5004,401.46↑ Buy
 DAX15,503.95↑ Sell
 FTSE 1007,001.05↑ Buy
 Hang Seng25,324.00Sell
 Small Cap 20002,189.73↑ Buy
 IBEX 358,722.00↑ Buy
 BASF66.135↑ Sell
 Bayer50.16Neutral
 Allianz210.90↑ Buy
 Adidas309.60↑ Buy
 Lufthansa9.963↑ Buy
 Siemens AG132.09↑ Sell
 Deutsche Bank AG10.948↑ Buy
Mua/Bán 1 chỉ SJC
# So hôm qua # Chênh TG
SJC Eximbank5,665/ 5,720
(5/ 5) # 697
SJC HCM5,650/ 5,720
(-10/ -10) # 697
SJC Hanoi5,650/ 5,722
(-10/ -10) # 699
SJC Danang5,650/ 5,722
(-10/ -10) # 699
SJC Nhatrang5,650/ 5,722
(-10/ -10) # 699
SJC Cantho5,650/ 5,722
(-10/ -10) # 699
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JPY204,22214,93
KRW17,2420,98
Cập nhật lúc 14:30:24 28/07/2021
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