BOE’s Pill: Further action required to ensure inflation will return to 2% target

Bank of England (BoE) Chief Economist Huw Pill said on Wednesday that further policy action will likely be required to ensure that inflation returns sustainably to the 2% target, as reported by Reuters.

Pill further added that he does not anticipate raising bank rate to levels priced by markets ahead of the November monetary policy report.

Market reaction

These comments don’t seem to be having a noticeable impact on the Pound Sterling’s market valuation. As of writing, GBP/USD was trading at 1.2055, where it was up 1.43% on a daily basis.