According to Reuters, Bank of England Deputy Governor Jon Cunliffe said on Wednesday that when the economy reopens, they need to grasp the background for high inflation.
“The fundamental concern about inflation is whether the rise in demand and supply chain issues will last.”
“For August forecasts, we’ll strive to have a better grasp on supply and demand.”
“In this unprecedented situation, assessing the inflation picture is more challenging.”
“Stimulating the economy is more difficult when rates are at the lower bound.”
“We need to see if increased inflation is a recurring problem that we need to address.”
Market participants mostly ignored these remarks, and the GBP/USD pair was last spotted at 1.3850, up 0.3 percent on the day.
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