Bank of England's Pill says central banks must focus on inflation

Bank of England's Huw Pill Emphasizes Central Banks' Focus on Inflation Control

Central Banks' Response to Inflation and Market Conditions

Huw Pill's Statement on Inflationary Pressures

LONDON, Oct 8 (Reuters) - Bank of England Chief Economist Huw Pill said on Thursday that central banks had to keep their focus on fighting inflation against the backdrop of rising bond yields in financial markets around the world.

Monetary Policy and Inflation Control

"I think (we are) in an environment where there are inflationary pressures at present, and we need to address them, we need to make sure monetary policy is resolutely on that," Pill told a conference organised by consultancy Eurasia Group and LSEG.

Ensuring Effective Transmission of Monetary Policy

"We need to ensure the financial system is functioning to allow the transmission of monetary policy to make that happen."

Recent MPC Decisions and Outlook

Pill and two other Monetary Policy Committee members voted to raise interest rates in September. A majority on the MPC ​preferred no ⁠change as they awaited clearer signs of the impact of the Iran war on inflation but Governor Andrew Bailey and others said the time for a rate hike might be approaching.

Reporting and Editorial Credits

(Writing by William Schomberg; editing by David Milliken)