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Carney: Rate hikes are likely to be limited and gradual

FXStreet (London) - FXStreet (London) - Members of the Bank of England Monetary Policy Committee are currently addressing the Treasury Select Committee on the November Inflation Report.

Responding to questions posed by the Treasury Select Committee, chaired by Andrew Tyrie MP, BoE governor Mark Carney stressed that any rate hikes are likely to be limited and gradual. After earlier stating that the next policy move from the BoE would be a rate increase, he added: “I want to be absolutely clear, the discussions have been about the pace, timing and degree of tightening of our policy,” and that there has been “no discussion of the options in case we needed to provide additional stimulus.”

The comments follow Carney’s earlier predictions that it is more likely than not that inflation will drop below 1 percent and warnings from fellow MPC members Jon Cunliffe and Kristin Forbes over the downside risks to inflation, though Cunliffe added that “forecasts don’t include deflation.”

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