BOE's Bailey says ready for more rate hikes if needed

• Rejects argument that BOE response to the pandemic let demand get out of hand, stoked inflation
• UK has very tight labour market
• But that does not look like a story about rapid demand growth
• Policymakers can and must take action to bring inflation back to target
• UK facing very big negative impact on real income
• Policy tightening must take into account income shock

There isn't much in the remarks that we don't already know. But at least Bailey is hitting back at the critics of the central bank by refuting that it is their policy response that has led to the current situation. He's not wrong. Inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term is a global problem and the many causes are pretty much the "scarring effects" from the pandemic itself, not the policy response.