Bailey speech: We don’t target the exchange rate

Bank of England (BoE) Governor Andrew Bailey is delivering his remarks on the policy outlook and responding to questions from the press following the bank's decision to hike the policy rate by 50 basis points to 1.75%.

Key takeaways

"If there are very high wage rises, then we will get persistent inflation."

My concern isn't about any wage increase, but about high wage increases."

"We don't target the exchange rate, we factor in impact of exchange rate on future inflation."

"Larger Fed rate rises reflect different shocks faced by the UK and the US.

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