BOE's Haldane: risks of tightening too early has fallen

During his scheduled speech in Yorkshire, BOE Chief Economist Andy Haldane reignited expectations for a relatively sooner rate-hike action by saying that partial withdrawal of accommodation from last August MPC move would be prudent.

Key quotes: 

   •  If policy tightened too late, this could result in a much steeper path of rate rises later on
   •  Considered the case for a rate rise at the MPC’s June meeting but didn’t act 
   •  2-reasons for not hiking yet: too few signs of higher wage growth & still some chance of a sharper than expected slowing in economy
   •  Hiking rates will be a sign that the economy has begun to normalize
   •  The world outlook is materially brighter than it has been for some time

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