On Tuesday, Huw Pill, Chief Economist at the Bank of England, remarked that while the passage of time and the absence of negative inflation news had brought interest rate cuts closer, they were still not imminent.
Investors scaled back their expectations for a rate cut by the Bank of England in the upcoming months following Pill's remarks, causing the central bank's August meeting to no longer be fully factored in as the initial reference point.
Pill indicated that service inflation and wage growth rates of approximately 3-4% would align with the 2% target, in contrast to the current rates of approximately 6%.
Earlier on Wednesday, rate-setter Jonathan Haskel said more slack in Britain's labor market was needed to be confident that inflation will stay at 2%.
Pill stated that the Bank of England has the potential to adjust its policies autonomously from the U.S. Federal Reserve and the European Central Bank. The latter institution appears inclined to decrease interest rates in June.
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