BoE's Dhingra
- Overtightening often comes with hard landings and scarring of supply capacity
- We have a long way to go before coming to a finely-tuned estimate of the medium-term resting place for bank rate
- The outlook for headline inflation appears bumpy but downwards
- Evidence to err on the side of overtightening is not compelling as it often comes with hard landings and scarring of supply capacity
- Mon pol needs to be forward-looking because moderation of the policy stance requires time to implement and to feed through to the real economy
- Price developments strongly signal that inflation is already on a path of sustainably meeting our target over the medium term
There are a few things that are puzzling in the UK economy and weaker consumption is certainly one of them.
