BoE Gov Bailey's his 3 top dangers facing the UK economy and the inflation outlook.

Bank of England Governor Bailey and other officials appeared before the UK Parliament's Treasury Committee on Monday.

An earlier post on his appearance:

• BOE made a profit of about £3.8 billion from emergency bond purchases it made last year

On those 3 tops risks:

China’s reopening

• has triggered a wave of Covid cases
• will have “a negative impact in the short run”
• “I’m not sure that would be very long lasting”

On the UK jobs market:

• “Going forwards, the major risk to inflation coming down in the way that it will is the supply side”
• “In this country particularly the question of the shrinkage of the labour force” pushing wages higher

Noted Russia's invasion of Ukraine pushed energy prices up (these have unwound somewhat)

Info comes via a Bloomberg report, gated.

Fed's Powell looks more comfortably placed as inflation falls back a little in the US but Bailey is still grappling with price pressures in the UK.