BoE’s Mann: More tightening is needed, and a pivot is not imminent

Bank of England (BoE) policymaker Catherine Mann is delivering a speech titled "The results of rising rates: Expectations, lags and the transmission of monetary policy" at the Resolution Foundation, in London.

Key quotes

"Failing to do enough on rates now risks the worst of both worlds – higher inflation and lower activity."

"Financial conditions are now looser than what likely will be needed to moderate the embedding of ongoing inflation into the wage- and price-setting paths."

"More tightening is needed, and a pivot is not imminent."

"A preponderance of turning points is not yet in the data."

"I worry about extended persistence of inflation into this year and the next."