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☆ BoE's Bailey says getting inflation to 2% will be 'hard work'
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

Governor of the Bank of England Andrew Bailey addresses the media during a press conference concerning interest rates, at the Bank of England, in London, Britain, November 2, 2023. "The rest of it has to be done by policy and monetary policy," Bailey said in an interview with website ChronicleLive published on Monday. The second half, from there to two, is hard work and obviously we don't want to see any more damage." Bailey acknowledged the impact of higher interest rates on households caused by higher mortgages and rents. But he repeated his message that it was too soon for the BoE to think about cutting interest rates.

Persons: Bank of England Andrew Bailey, HENRY NICHOLLS, Andrew Bailey, Bailey, ChronicleLive, BoE, it's, William Schomberg, Sarah Young Organizations: Bank of England, Thomson Locations: London, Britain

☆ BoE's Bailey says future rate decisions will be 'tight'
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

Governor of the Bank of England Andrew Bailey attends a press conference for the Monetary Policy Report August 2023, at the Bank of England in London, Britain, August 3, 2023. Bailey echoed recent comments from other BoE officials who have stressed they are keeping their options open for future rate decisions after the Monetary Policy Committee voted 5-4 to halt its run of back-to-back rate hikes in September. Only a quarter of economists polled by Reuters late last month thought the MPC would vote to raise Bank Rate again on Nov. 2. "The last mile really does lean heavily on... restrictive policy," Bailey said, adding the economic outlook appeared "very subdued". Britain's potential growth rate - the pace at which the economy can grow without generating excess inflation - was "substantially less" than in the past, something that would continue to weigh on monetary policy, Bailey said.

Persons: Bank of England Andrew Bailey, Alastair Grant, Andrew Bailey, Bailey, BoE, Huw Pill, Ben Broadbent, Balazs Koranyi, Andy Bruce, William Schomberg Organizations: Bank of England, Monetary, Rights, Reuters, Institute of International Finance, International Monetary Fund, Thomson Locations: London, Britain, Rights MARRAKECH, Morocco, Marrakech

☆ Central banks across Europe pause for breath after mammoth rate hike run, but face 'triple dilemma'
▼ + stars: | 2023-09-25 | by ( Jenni Reid | ) www.cnbc.com time to read: +7 min

U.K. pauseThe Bank of England opted to pause interest rate moves after 14 straight hikes, keeping its main policy rate at 5.25%. The decline came despite interest rate hikes generally boosting the value of a currency. Scandinavian inflationIn northern Europe, Norway and Sweden opted for rate hikes on Thursday and suggested that further tightening could be ahead. Norway's headline inflation rate was 4.8% in August, with core inflation at 6.3%. The Norges Bank forecast now indicates a policy rate of 4.5% through 2024, up from the current 4.25%.

Persons: Bank of England Andrew Bailey, BoE, Alastair Grant, ALASTAIR GRANT, Carsten Brzeski, BOE, Andrew Bailey, Paul Dales, Simon French, Panmure Gordon, Thomas Jordan, Jordan, Ida Wolden Bache, Bache Organizations: Bank of England, The Bank of England, Getty, Afp, ING, CNBC, of England, Capital Economics, U.S . Federal, HSBC, Panmure, Swiss National Bank, European Central Bank, ECB, U.S, Norway's Norges Bank, Norges Bank Locations: London, U.K, Paul, Switzerland, Swiss, Europe, Norway, Sweden, Norway's

☆ UK disinflationary shock sharpens Bailey’s dilemma
▼ + stars: | 2023-09-20 | by ( ) www.reuters.com time to read: +2 min

Governor of the Bank of England Andrew Bailey speaks as he attends a press conference for the Monetary Policy Report August 2023, at the Bank of England in London, Britain, August 3, 2023. Alastair Grant/Pool via REUTERS Acquire Licensing RightsLONDON, Sept 20 (Reuters Breakingviews) - Bank of England Governor Andrew Bailey finally got some good news on Wednesday. UK annual inflation fell to 6.7% in August, from 6.8% in July, confounding market expectations of a rise to 7%. Domestic disinflationary forces offset a nearly 30% rise in oil prices to bring headline inflation to the lowest level since February 2022. Higher petrol prices did add around 0.3 percentage points to the consumer price index, according to Capital Economics.

Persons: Bank of England Andrew Bailey, Alastair Grant, Andrew Bailey, disinflation, Francesco Guerrera, Bernie Sanders’s, Neil Unmack, Streisand Neto Organizations: Bank of England, Monetary, REUTERS Acquire, Reuters, Capital Economics, CPI, Thomson Locations: London, Britain

Governor of the Bank of England Andrew Bailey speaks as he attends a press conference for the Monetary Policy Report August 2023, at the Bank of England in London, Thursday, August 3, 2023. "But I think we are much nearer to it on interest rates on the basis of current evidence." It is expected to raise borrowing costs again later this month, taking Bank Rate to 5.5%. In May, Bailey told the same panel of lawmakers that the BoE was "nearer" to the peak in interest rates. After that, the central bank increased Bank Rate in June and in August.

Persons: Bank of England Andrew Bailey, Alastair Grant, Andrew Bailey, we're, we've, Bailey, BoE, I've, Jon Cunliffe, Cunliffe, Swati Dhingra, Dhingra, Farouq Suleiman, Suban Abdulla, Kylie MacLellan, William Schomberg, Sharon Singleton Organizations: Bank of England, Monetary, Companies Bank of England, Treasury, Thomson Locations: London, British

☆ High services costs make UK rate-cutting laggard
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +2 min

Governor of the Bank of England Andrew Bailey speaks as he attends a press conference for the Monetary Policy Report August 2023, at the Bank of England in London, Britain, August 3, 2023. Alastair Grant/Pool via REUTERS Acquire Licensing RightsLONDON, Aug 16 (Reuters Breakingviews) - UK inflation is slowing, according to many metrics. Unfortunately, those are not the ones the Bank of England values the most. Prices in that category grew 7.4% in July, faster than June’s 7.2%, due to more expensive restaurants, hotels and airfares. Policymakers keep a close eye on services’ prices and wage growth, which hit a record in the three months to June.

Persons: Bank of England Andrew Bailey, Alastair Grant, Andrew Bailey, Bailey, Francesco Guerrera, Exor’s Philips, Bain, Neil Unmack, Streisand Neto Organizations: Bank of England, Monetary, REUTERS Acquire, Reuters, Bank of, Office, National Statistics . Services, European Central Bank, U.S . Federal Reserve, Twitter, FC Barcelona’s, Messi, Thomson Locations: London, Britain, Bank of England, June’s

Sterling initially dropped, reflecting disappointment after traders had priced in a 30% chance of another 50 bp hike. Longer-term gilt yields, more responsive to investors' perceptions about the economic growth trajectory, rose by the most in a month. Governor of the Bank of England Andrew Bailey attends a press conference for the Monetary Policy Report August 2023, at the Bank of England in London, Britain, August 3, 2023. Two-year gilt yields have risen by more than 120 basis points this year, more than double the increase of their U.S. equivalent. On Thursday, two-year gilt yields were down 5 bps in late trade, while those on 30-year debt rose 10 bps, the most in a month, to 4.66%.

Persons: BoE, Andy Burgess, Andrew Bailey, Sterling, we've, Bank of England Andrew Bailey, Alastair Grant, Jeremy Hunt, Carl Shepherd, they'll, juicier, Peter Goves, Kirsten Donovan Organizations: Bank, Bank of England, Monetary, REUTERS, Conservative, Newton Investment Management, Swiss, MFS Investment Management, Reuters Graphics, Thomson Locations: AMSTERDAM, LGIM, London, Britain, U.S

☆ New look CBDCs and cryptomarket to emerge from turmoil, top BIS official says
▼ + stars: | 2023-02-06 | by ( Marc Jones | ) www.reuters.com time to read: +4 min

LONDON, Feb 6 (Reuters) - Cryptomarkets have not been killed off by last year's turmoil, while the new wave of central bank digital currencies will face geopolitical limits, the Bank for International Settlements' new innovation head has predicted. Dubbed the central bank to the world's central bank, the BIS has long been critical of cryptocurrencies, likening bitcoin to both a ponzi scheme and market bubble in the past. Since the start of 2023, however, there has been something of a rebound, including a 40% recovery in bitcoin's price. The European Central Bank should get the go-ahead for full-scale tests. "We will never have full interconnectedness," Skingsley said, adding though that the BIS' work aimed to make CBDCs as versatile as possible.

☆ Bank of England chief tempers talk of a pause or pivot in rate hikes
▼ + stars: | 2023-02-02 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +1 min

Governor of the Bank of England Andrew Bailey has talked down expectations that the central bank is readying to pause or pivot rate hikes. LONDON — The Bank of England on Thursday talked down expectations that it is readying to pause or pivot rate hikes, noting that there is still some way to go in its efforts to tame inflation. Governor Andrew Bailey told CNBC that the omission of the word "forcefully" from its forward guidance at Thursday's Monetary Policy Committee meeting was not a sign that "we're done" despite seeing an encouraging downward trend in price growth. The Bank on Thursday voted 7-2 in favor of a second consecutive half-point rate hike, increasing the main Bank rate to a 14-year high of 4%. Sterling fell against the dollar and gilt yields tumbled in afternoon trade on speculation that the Bank may be nearing the end of its hiking cycle.

☆ Bank of England calls for 'urgent' global action after near-collapse of UK pension funds
▼ + stars: | 2022-12-13 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

LONDON, February 03: Governor of the Bank of England Andrew Bailey leaves after a press conference at Bank of England on February 3, 2022 in London, England. LONDON — The Bank of England on Tuesday called for "urgent international action" from regulators on non-bank financial institutions after it was forced to rescue U.K. pension funds in September. A number of pension funds were hours from collapse when the central bank intervened in the long-dated bond market. It came after a series of massive moves in interest rates on U.K. government debt exposed vulnerabilities in liability-driven investment (LDI) funds, which are held by U.K. pension schemes. Its temporary emergency bond-buying program allowed LDI funds time to shore up their liquidity positions and ensure the country's financial stability.

☆ Bank of England chief questions government's veto power plan
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +2 min

[1/2] Governor of the Bank of England Andrew Bailey attends the Monetary Policy Report News Conference at The Bank of England, in London, Britain November 3, 2022. REUTERS/Toby Melville/PoolLONDON, Nov 16 (Reuters) - Bank of England Governor Andrew Bailey took the British government to task on Wednesday over its plan to give itself veto powers over post-Brexit financial rules written by independent regulators, including the central bank. The BoE has warned against easing the rules too much as insurers appeal to the ministry to override the central bank. City minister Andrew Griffith has said a veto would be used sparingly, with regulators continuing to enjoy day-to-day operational independence. The veto would be additional to a new remit in a draft law before parliament for regulators to heed the City's global competitiveness when writing new rules.

☆ Bank of England's Bailey speaks after rate increase
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +2 min

[1/2] Governor of the Bank of England Andrew Bailey, Sebastian Walsh and Dave Ramsden attend the Monetary Policy Report News Conference at The Bank of England, in London, Britain November 3, 2022. Below are quotes from Governor Andrew Bailey and other top officials from the British central bank who were speaking at a news conference. BAILEY ON INFLATION EXPECTATIONS"We can't make promises about future interest rates but based on where we stand today, we think Bank Rate will have to go up by less than currently priced in financial markets." "The central projections conditional on the market implied path of Bank Rate serve as a reminder that we should not increase Bank Rate too far. The MPC judges that the path of the Bank Rate required to return inflation sustainably to target is shallower than that priced into financial markets."

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