💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

Next six months' data key for rate rise decision - BoE's McCafferty

Published 09/06/2014, 17:59
Updated 09/06/2014, 18:20

LONDON (Reuters) - Economic data over the coming six months will be key to deciding when to raise interest rates, Bank of England policymaker Ian McCafferty said on Monday.

Most economists expect the BoE will raise rates within a year, and some think that one or two policymakers on the nine-member Monetary Policy Committee could vote for a rate rise as soon as August.

McCafferty said in an interview with London radio station LBC that he wanted to see more data before making up his mind.

"It's going to depend critically on how the economy performs over the summer and through the autumn," he said.

"We do think that there's a scope for the economy to grow a little further before we have to start the gradual process of normalisation. That's going to depend on how fast growth is in the second, third and fourth quarters," he added.

(Reporting by David Milliken and Ana Nicolaci da Costa)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.