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Alan Taylor said the case for raising rates remains weak until high energy prices translate into clearer signs inflation is spreading; he warned evidence of second-round effects is scant.
Alan Taylor said the case for further rate increases will not become compelling unless high energy prices persist and show clearer transmission into broader inflation persistence. He cited minutes from the vote to keep Bank Rate on hold at 3.75% earlier this month.
BoE's Taylor: The case for further rate increases is 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.