BoE’s Haskel warns against rushing to cut interest rates

In an interview with the Financial Times on Thursday, Bank of England policymaker Jonathan Haskel warned against rushing to cut interest rates. Haskel said that “I think cuts are a long way off.” Additional quotes Fall in headline inflation is very good news. But what we really care about is persistence and underlying inflation. Does not think headline inflation gives a good guide on persistence. Vote change is because there were improvements in critical indicators of inflation.

This is positive for the Pound Sterling because higher interest rates make the UK a more attractive place for global investors to park their money. When inflation falls below target, it is a sign economic growth is slowing, and the BoE will consider lowering interest rates to cheapen credit in the hope businesses will borrow to invest in growth-generating projects – a negative for the Pound Sterling.

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