The @BankofEngland's chief economist Huw Pill tells markets not "focus on a specific meeting" after the mismatch in action versus expectation last month.
Adds: "we're trying to train people to think the right way" about monetary policy = medium term
#TalkingEconomics
Adds: "we're trying to train people to think the right way" about monetary policy = medium term
#TalkingEconomics
He adds that risks are now double sided for the BoE ahead of its December meeting. It doesn't want to feed inflation, but also doesn't want to crimp growth.
A "not too hot, not too cold" goldilocks path is what's needed, Pill adds.
A "not too hot, not too cold" goldilocks path is what's needed, Pill adds.
Pill says he's relieved that QE purchases are coming to an end, because the support measure comes with "baggage".
We are moving to world where QE is going to be "parked", and unwound in a careful way, he says.
We are moving to world where QE is going to be "parked", and unwound in a careful way, he says.
.@jagjit_chadha Warns on the problem of dealing with aftermath of QE. he adds that he's "not convinced" that there's a clear plan at the moment for unwinding the mountain debt the BoE holds. It yet could roil markets, he says.
@jagjit_chadha Huw Pill: Fed's dot plots (a form of guidance to markets), when Pill was working in financial markets, were not "transparent, honest or clear", he says, effectively rejecting any suggestion of introducing such measures at the BoE.
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