The Bank of England's Deputy Governor, Monetary Policy, Ben Broadbent speaks at a press conference at the Bank of England, London, Britain, May 11, 2023.
The BoE said earlier this month that borrowing costs were likely to stay high for some time as it raised rates for the 14th time in a row.
Investors expect another increase in the BoE's Bank Rate to 5.5% from its current level of 5.25% on Sept. 21, after the next scheduled meeting of the Monetary Policy Committee.
Broadbent said the BoE's stance on interest rates would respond to "the evidence on spare capacity, and to indicators of domestic inflation, as and when it comes through."
The chair of the Federal Reserve, Jay Powell, told the Jackson Hole gathering of central bankers on Friday that the Fed may need to interest rates further.
Persons:
Ben Broadbent, Henry Nicholls, JACKSON, Broadbent, BoE, Jay Powell, Jackson, William Schomberg, Paul Sandle, Christina Fincher
Organizations:
of England's, Monetary, Bank of England, REUTERS, Federal Reserve, Thomson
Locations:
London, Britain, , Wyoming, United States, Ukraine, BoE's, Russia