BoE’s Pill: By middle of 2024 we may be able to reconsider rates stance

Matías Salord FXStreet

Bank of England (BoE) Chief Economist Huw Pill said on Monday that by the middle of next year, they may be able to reconsider its stance on interest rates. He spoke during an online presentation organised by the BoE.

Pill added that it is premature to discuss interest rate cuts and clarified that the Monetary Policy Committee (MPC) believes it is necessary to maintain rates at restrictive levels for a certain period. He also mentioned that rates in the future will likely be higher than those seen before the COVID-19 pandemic.

Market reaction

The GBP/USD is moving sideways around 1.2370, while the EUR/GBP is flat for the day, hovering around 0.8675. Market participants have largely ignored Pill's comments.

Author

Matías Salord

FXStreet

Matías started in financial markets in 2008, after graduating in Economics. He was trained in chart analysis and then became an educator. He also studied Journalism. He started writing analyses for specialized websites before joining FXStreet.

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