Bank of England governor Andrew Bailey on Wednesday signalled interest rates in the UK are likely to stay higher for longer than financial markets are expecting because inflation has proved to be such a persistent problem.
Speaking at a European Central Bank conference in Sintra, Portugal, Bailey suggested markets were wrong to think rates would fall quickly from a peak reached around the end of this year.
Bailey said the BoE would be “evidence driven” in setting the cost of borrowing and it was looking at both the peak of rates and “how long [the peak] sustains beyond that”.
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