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BoE's Pill warns big rate rises risk roiling markets

Published 06/07/2022, 10:34
Updated 06/07/2022, 10:37
© Reuters. FILE PHOTO: Traders work on the trading floor of Barclays Bank at Canary Wharf in London, Britain December 7, 2018. REUTERS/Simon Dawson/File Photo

LONDON (Reuters) - Bank of England Chief Economist Huw Pill on Wednesday warned against raising interest rates in big, bold steps and reiterated his preference for a more "steady-handed" approach.

"One-off bold moves can ... be disturbing in terms of their impact on financial markets," Pill told an audience following a speech to the Qatar Centre for Global Banking and Finance 2022 Conference at Kings College London.

He said the BoE should avoid gaining a reputation for "jerking around Bank Rate" in response to short-term economic news, as investors would view this as noise that would disrupt the transmission of monetary policy.

Latest comments

yeh save the rich n let the common folks die...
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