Intel stock extends gains after report of possible U.S. government stake
Investing.com -- Bank of England’s Chief Economist Huw Pill expressed his reservations on Tuesday about the quick pace of interest rate cuts that have been implemented on a quarterly basis since mid-2024.
Pill said during a speech at Barclays (LON:BARC) in London that he believed the rate cuts were too rapid given the current inflation outlook.
Earlier this month, Pill voted to keep borrowing costs steady, a decision he described as "a skip" rather than a complete halt in the ongoing withdrawal of monetary policy restrictions.
Pill further clarified that his decision should not be interpreted as favoring a complete stop or reversal of the ongoing withdrawal of monetary policy restrictions.
The chief economist also emphasized that as long as the disinflation back to target is not fully achieved, some level of restriction will still be necessary.
He stated that this viewpoint is widely held among many members of the Monetary Policy Committee (MPC).
Pill also mentioned the usefulness of the Bank of England’s recent use of scenarios in its quarterly economic outlook.
He explained that these scenarios help to highlight some of his concerns about the future of inflation that extend beyond the central view.