Testimony of Chairman Rostin Behnam Before the U.S. Senate Committee on Agriculture, Nutrition and Forestry

Thanks very much to our hosts at Asia House today. It is a great pleasure to be here and have the opportunity to discuss the outlook for UK monetary policy with such a distinguished group. The monetary policy function at the Bank of England has recently been the subject of a review by ex-Federal Reserve Chair (and Nobel laureate in economics) Ben Bernanke. The results of this review were published as Forecasting for monetary policy making and communication at the Bank of England. The recommendations embodied in this review point to a need for reform: both in how the Bank of England’s Monetary Policy Committee (MPC) operates, and in the support provided to the Committee by Bank of England staff. Such change is entailed by a need to respond to the challenges posed by structural changes to the economy. Among these changes number (inter alia): the global financial crisis; the Covid-19 pandemic; the Russian invasion of Ukraine, and its impact on international energy and food prices; events in the Middle East; climate change; and the technological possibilities and threats of artificial intelligence. (The list could go on.) post: BOE'S PILL: IT IS WHEN-RATHER-THAN-IF BANK RATE CUTS STILL SEEMS APPROPRIATE. post: BANK OF ENGLAND'S PILL SAYS WE HAVE TO BE REALISTIC ABOUT HOW MUCH ANY ONE OR TWO RELEASES CAN ADD TO OUR ASSESSMENT ON RATES BANK OF ENGLAND'S PILL SAYS THE LATEST DATA REMAINS CONSISTENT WITH THE VIEW THAT THESE INFLATIONARY PRESSURES HAVE NOW BEEN CONTAINED BOE'S PILL: THE…

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