The Bank of England announced an overhaul of its inflation forecasting models following a long-awaited review by former Fed Chair Ben Bernanke.
The Bank of England on Friday announced a"once in a generation" overhaul of its inflation forecasting following a long-awaited review by former Federal Reserve Chair Ben Bernanke.
Bailey told CNBC it had been"invaluable" to compare and contrast the U.S. policy perspective with its own."This is a once in a generation opportunity to update our forecasting, and ensure it is fit for our more uncertain world," Bailey said. after the Global Financial Crisis to allow each member to chart their course of policy stance, inflation, real GDP and employment. But he suggested a new model which better reflects the differing views of committee members and how inflation expectations can become"de-anchored."
The Bank was widely criticized for being too slow to hike interest rates, meaning it subsequently had to raise its main bank rate to a 15-year high of 5.25%.
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