BoE's Greene says UK economy may still not have recovered from 2022 second round effects; UK data is mixed at the moment, via Bloomberg Interview
- Firms expectations not moved as much as households.
- Rate hike depends on the duration of the war.
- Households are more protected vs firms given the Ofgem caps.
- Supply shocks mean households are sensitive.
- QT is running in the background.
Context
BoE official Greene's comments suggest that the UK economy faces lingering challenges from past shocks, with mixed data adding uncertainty. His emphasis on the dependency of rate hikes on geopolitical factors, like the ongoing war, indicates a cautious approach to monetary policy. This could weigh on expectations for GBP and influence fixed income markets as investor sentiment adjusts to these insights.
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