BOE-designate Megan Greene: UK labor market surprisingly tight

Bank of England-designate Megan Greene: The UK labor market is unexpectedly tight and economic growth will continue to be very weak in the short term. The Monetary Policy Committee must “actively respond” to inflation dynamics. Member Dingella: The effect of this round of interest rate hikes will take longer to appear. Governor Bailey: Inflation will fall, but it will take longer.