BoE's Taylor: Tariff shock was bigger than anyone expected
Source Fxstreet
Bank of England's external Monetary Policy Committee member Alan Taylor noted a prevailing sense of precaution and concern among firms, adding that the tariff shock had been larger than anticipated.
Key Quotes
- Erosion of business confidence in UK has continued in REC and PMI surveys.
- There is a sense of precaution and concern.
- Tariff shock was bigger than anyone expected.
- Although there are signs of a pause, we don't know where it will go.
- Wage settlements data is coming in in line with expectations for slower wage growth.
- If you wait for every piece of data to confirm a fall in inflation, you will be behind the curve.
- International dimension is quite perilous.
- We are a long way from neutral level of interest rates.
- Neutral rate for me is 2.75–3% in the UK.
- Central forecast of BoE had 'quite mild' treatment of global trade situation.
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