BoE’s Greene: Inflation outturns are feeding into expectations
External Bank of England (BoE) MPC Member Megan Greene spoke at the Goodbody Annual Equity Conference in Dublin on Thursday. She said that although inflation has stabilized, her big concern is around second-round effects.
Key takeaways
Inflation outturns are feeding into expectations.
CPI expectations at the top of the bands we can explain.
Business CPI expectations are rising and elevated.
My big concern is around second-round effects.
Inflation has stabilized.
I expect slack to increase. The BoE projection is benign.
Slack opened up in the labour market and economy.
Evidence on wage growth is encouraging.
It's encouraging that services inflation is coming down.
Policy must bear down if expectations are elevated.
Preliminary results from the BoE Agents’ Survey point to pay settlements of around 3.5%.
This may be due to an upward shift in wage-setting."
Pound Sterling Price Today
The table below shows the percentage change of British Pound (GBP) against listed major currencies today. British Pound was the strongest against the Swiss Franc.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | -0.03% | -0.04% | -0.09% | -0.06% | -0.19% | -0.52% | 0.07% | |
| EUR | 0.03% | -0.01% | -0.05% | -0.03% | -0.17% | -0.49% | 0.12% | |
| GBP | 0.04% | 0.00% | -0.04% | -0.01% | -0.16% | -0.50% | 0.11% | |
| JPY | 0.09% | 0.05% | 0.04% | 0.02% | -0.10% | -0.46% | 0.17% | |
| CAD | 0.06% | 0.03% | 0.00% | -0.02% | -0.12% | -0.47% | 0.14% | |
| AUD | 0.19% | 0.17% | 0.16% | 0.10% | 0.12% | -0.33% | 0.29% | |
| NZD | 0.52% | 0.49% | 0.50% | 0.46% | 0.47% | 0.33% | 0.60% | |
| CHF | -0.07% | -0.12% | -0.11% | -0.17% | -0.14% | -0.29% | -0.60% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent GBP (base)/USD (quote).
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