BoE's Greene says some of the global economic resilience to the Iran war is due to inventories; second round effects of the energy price shock will not show up for another year

The BoE's Greene highlights that the current resilience in the global economy despite the Iran conflict is partly due to existing inventories. He emphasizes that the second-round effects of the energy price shock are still to come, suggesting a cautious outlook on inflation and supply dynamics, which could influence future rate decisions. This commentary hints at a potential dovish stance if negative supply shocks persist, affecting how the BoE may navigate monetary policy in the near term.