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BoE’s Pill: UK monetary policy must stay tight to lower inflation

(Reuters) – Bank of England Chief Economist Huw Pill said on Thursday that the central bank needed to maintain a restrictive stance for monetary policy, as embodied in the BoE’s latest forecasts, in order to return inflation to target.

Pill said on Monday market pricing pointing towards a first interest rate cut in August 2024 “doesn’t seem totally unreasonable”. His comments led to a sharp fall in short-dated government bond yields on Tuesday.

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