Bank of England chief economist Hugh Bell remarks on Monday
- We've done a lot in terms of interest rates
- Persistent inflation is the key element we are monitoring
- If we have an ongoing element of inflation, we need an ongoing response through monetary policy
- Not all wage indicators point to the same trend at the moment
They are not ruling out further rate hikes but are now in pause mode and there is little reason to believe they will walk away from that unless the inflation trajectory changes dramatically.
