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Bank of England (BOE) Governor Andrew Bailey said on Friday that markets can expect more than one interest rate cut this year and said he was increasingly confident that inflation was moving towards target.
Key quotes:
“All our meetings are ongoing and we make new decisions every time.”
“The global shock is receding and we’re not seeing much stickiness emerging right now. That’s the judgment call we have to keep coming back to.”
“There needs to be confidence that wages are moving in the right direction.”
“There is no need to wait until inflation falls to 2% before cutting interest rates”
“Recent economic developments are clearly good news”
“The work on inflation is not done yet, but what we are seeing is encouraging.”
