BoE's Pill: Normalizing monetary policy is not a race between countries

Eren Sengezer FXStreet

"Normalizing monetary policy is not a race between countries and markets are sometimes uncomfortable with that," Bank of England (BOE) Chief Economist Huw Pill said on Tuesday.

Pill further argued that the UK government's fiscal response to the economic slowdown would free the monetary policy to address longer-term inflation dynamics.

Market reaction

These comments don't seem to be having a noticeable impact on the British pound's performance against its rivals. As of writing, the GBP/USD pair was trading at 1.0760, where it was up 0.7% on a daily basis.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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