Deputy Governor for Markets and Banking of the Bank of England Dave Ramsden attends a press conference concerning interest rates, at the Bank of England, in London, Britain, November 2, 2023.
Speaking at a central bank conference in Hong Kong, Bank of England (BoE) Deputy Governor Dave Ramsden also said he saw no financial stability grounds to lower interest rates, which are currently up at 5.25%.
“We think that monetary policy is likely to need to be restrictive for an extended period of time," he said.
Even with all that tightening, Ramsden said inflation was not expected to return to 2% until the end of 2025.
Markets have started to position for the first rate cut, with a move seen as soon as April or June.
Persons:
Bank of England Dave Ramsden, HENRY NICHOLLS, BoE, Dave Ramsden, Ramsden, Michele Bullock, Bullock, Pablo Hernández de Cos, Cos, Wayne Cole, Selena Li, Xie Yu, Jamie Freed, Simon Cameron, Moore
Organizations:
Markets, Banking, Bank of England, Reserve Bank of Australia, Bank of Spain, European Central Bank, ECB, Thomson
Locations:
London, Britain, HONG KONG, Australia, Spain, Hong Kong