BoE’s Taylor: Right Policy Response Is Vigilant But Disciplined

Case For Further Hikes Not Compelling To Me Unless Energy Prices Remain High For An Extended Period And Also Generate Clearer Signals Of A Transmission Into Broader Inflation Persistence - MonPol Should Not React Mechanically To Movements In Energy Prices If Those Movements Remain Primarily Relative-Price Shocks - If Pressure Builds And Second-Round Effects Begin To Gain Traction, The Policy Assessment Would Have To Change - Some Point, Once Energy Risks Abate, Policy Will Need To Move In The Other Direction