Bank of England’s Greene waits on Iran war before backing hikes

Tom Rees, Tracy Alloway & Joe Weisenthal / Bloomberg05-11

On her decision to hold rates, Greene said “a big contribution was that we are going to get some news over the next six weeks or so.”(May 11): Bank of England (BOE) rate-setter Megan Greene said it’s ...

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However, she was one of several rate-setters to signal she’ll consider a hike in the future as officials try to determine whether the inflation spike will trigger a more concerning feedback loop in prices.\nThe BOE entered the war judging that policy was still in restrictive territory with a subsequent tightening in financial conditions in markets also buying the rate-setters more time. Greene believes there were “already some signs of some persistence from previous shocks left in the economy” before the war.\n“In my view, the risk is entirely on the upside though. There’s kind of a ratchet here,” she said. “The risk to energy prices and also second-round effects are probably on the upside rather than the downside.”\nOn her decision to hold rates, Greene said “a big contribution was that we are going to get some news over the next six weeks or so.”\n“A lot of that news will not be definitive evidence of second round effects, but it will be evidence about energy prices, which are a big feed into what’s going on with the economy and with inflation,” she said.\nThe BOE may also have to consider any consequences of political turbulence in the UK, where Prime Minister Keir Starmer faces a potential challenge to his leadership. The prospect of a more left-wing Downing Street has lifted gilt yields at various stages of the long-running saga, which could now be approaching its climax.\nUploaded by Liza Shireen Koshy","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.42.2","shortVersion":"4.42.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2634230527","isCrawlerRequest":true}