Bank of England Chief Economist Huw Pill has emphasized the need for monetary policy to prioritize controlling inflation. UK inflation remains above target at 3.1%, with the Bank Rate at 3.75%. These remarks suggest a cautious approach amid persistent inflationary pressures from rising energy costs and geopolitical tensions. Market pricing implies a low likelihood of a rate cut at the upcoming November MPC meeting, which could indicate a more hawkish stance from the Bank of England.
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