Pound met with the sound of BoE silence, again
Sept 4 (Reuters) - Sterling traders may be forgiven for wondering if some Bank of England Monetary Policy Committee members have taken a trappist vow of silence when it comes to speaking about monetary policy.
Not a word has been heard from any MPC member, bar Governor Andrew Bailey, since BoE Chief Economist Huw Pill's Aug. 2 steer that UK interest rates might not fall again soon. Pill was one of the four MPC members who voted against the BoE's Aug. 1 rate reduction.
Bailey, who voted for last month's cut, said further cuts would not be rushed when he spoke at the Fed's Jackson Hole conference on Aug. 23.
If the MPC's self-imposed silence ends with an unexpected rate cut on Sept. 19, the noise generated by it could negatively impact the pound - which scaled a 29-month peak against the dollar last week, 1.3269.
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(Robert Howard is a Reuters market analyst. The views expressed are his own)
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