BoE needs to avoid getting ‘behind the curve’, says McCafferty
Don’t leave interest rate ‘liftoff’ too late, urges McCafferty
The rise in the neutral rate of interest is likely to have increased over the past few months, providing an incentive for the Bank of England (BoE) to tighten policy, Ian McCafferty, a member of the BoE's monetary policy committee, said today (October 20).
"If we, on the MPC, are to achieve our ambition of raising interest rates only gradually [...] we need to avoid getting 'behind the curve' with respect to the neutral rate," he said. "For me, that provides an additional justification not to
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