This is the current outlook and reason Pill thinks November meeting is “live”.
He urged markets not to get too excited by timing but says there’s a “regime change” in policy
It’s no longer boring with the question being how much stimulus to provide
Big picture is we don’t need emergent low interest rates any more
Fully recognises some of this will be controversial.
He’s in the “price stability business”
And wants to be like his mentor - the German economist, Otmar Issing, first chief economist of the @ecb
But not much like a former governor @MarkJCarney because Pill really doesn’t like forward guidance. Always ends in a mess. Hard to argue with that.
And having worked in rarified elite institutions, how will they influence how he does his job??
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