PILL, the Bank of England's chief economist, said on Thursday at an IMF meeting
in Bangkok that investors should not interpret any future rate increase as the
start of a renewed, stepwise tightening cycle like 2022–23, saying the current
shock is different. He warned of a possible “hidden catch‑up effect” in which
rising prices prompt higher wage demands and could sustain inflation, and said
policy may need to remain restrictive for longer to counter that risk.
