Economic news

Bank of England’s Tenreyro says patience needed to lower inflation

2023.04.15 05:42


© Reuters. FILE PHOTO: A person walks outside the Bank of England in the City of London financial district in London, Britain, March 23, 2023. REUTERS/Henry Nicholls

(Reuters) – Bank of England policymaker Silvana Tenreyro said on Friday past interest rate rises would take time to bear down on inflation, and that it was important not to over-adjust policy while the impact of these past rate rises was feeding through.

“We need to be patient,” she said at a panel discussion hosted by the International Monetary Fund in Washington. “We don’t want to get burned. We don’t want to get an ice-cold shower.”

Tenreyro voted against a further BoE rate rise last month, arguing that past tightening was more than enough and could push inflation well below target in the medium term.

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