BoE’s Pill warns big rate rises risk roiling markets
LONDON (Reuters) – Bank of England Chief Economist Huw Pill on Wednesday warned against raising interest rates in big, bold steps and reiterated his preference for a more “steady-handed” approach.
“One-off bold moves can … be disturbing in terms of their impact on financial markets,” Pill told an audience following a speech to the Qatar Centre for Global Banking and Finance 2022 Conference at Kings College London.
He said the BoE should avoid gaining a reputation for “jerking around Bank Rate” in response to short-term economic news, as investors would view this as noise that would disrupt the transmission of monetary policy.
(Reporting by Andy Bruce; editing by David Milliken)