In this speech Huw discusses why he voted to leave Bank Rate unchanged at the last two MPC meetings. Huw points to the use of cross checks of the baseline MPC forecast as one exercise informing his assessment of the outlook which supported his efforts to improve the robustness of his monetary policy decision. This approach to cross-checking leads Huw to conclude, at present, that there is ample reason for caution in assessing the dissipation of inflation persistence and the need for such caution points to a gradual withdrawal of monetary policy restriction.
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