Bailey speech: Not in a place now where we can discuss cutting interest rates

Dhwani Mehta FXStreet

“We are not in a place now where we can discuss cutting interest rates – that is not happening,” Bank of England (BoE) Governor Andrew Bailey said in an interview with Daily Focus on Wednesday.

Additional quotes

We are seeing some weakening of economic activity.

We’ve got to get on and bring inflation down to our target of 2%.

We will do what it takes to get to 2% inflation target.

We have not seen enough of the journey towards 2% inflation target yet to be confident.

Market reaction

The Pound Sterling appears unimpressed by the hawkish comments from the BoE Governor. GBP/USD is trading 0.07% higher on the day, battling 1.2700, at the time of writing.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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