BoE’s Cunliffe makes case for ‘stodgy’ policy
Monetary policymakers should not act too fast when uncertainty is high, deputy governor says
Policymakers in the UK would be wise to keep policy “stodgy” and slow-moving while high uncertainty persists, Bank of England deputy governor Jon Cunliffe said today (July 13).
Cunliffe’s speech, delivered to the Cumbria Chambers of Commerce, made reference to a remark by former Federal Reserve vice-chair Alan Blinder, who once said “a little stodginess at the central bank is entirely appropriate”.
Cunliffe went on to consider various reasons why interest rates might need to rise. It could be
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