New BoE Policy Makers Still Not Fully Behind Raising Rates

The Bank of England’s new deputy governor Dave Ramsden said on Tuesday he was not close to voting to raise interest rates, surprising some investors who are betting that the Bank will soon make its first hike in more than a decade.Deputy Governor Dave Ramsden distanced himself from the majority of BoE policymakers who believe a rate hike is likely to be needed “in the coming months” because he saw little sign of inflation pressure building in Britain’s labour market.“Despite continued robust growth in employment, there is no sign of second-round effects onto wages from higher recent inflation,” he told a committee of MPs in his first public comments on monetary policy.

Source: New Bank of England deputy says not ready to vote for rate hike – Reuters

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Craig Erlam

Craig Erlam

Senior Currency Analyst at OANDA
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.