BoE’s Pill: Inflation is expected to fall rapidly in the 2nd half of 2023.

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Bank of England (BoE) Chief Economist Huw Pill said on Wednesday that “inflation is expected to fall rapidly in the second half of 2023.”

“Demand is easing as household incomes are squeezed.”

“UK labor market remains very tight.”

“Wage growth is not consistent with 2% inflation goal.”

“Supply chain problems seem to be improving.”

“Much of the fiscal tightening starts beyond the BoE horizon.”

GBP/USD is unperturbed by these comments, consolidating gains at around 1.1970, up 0.14% on the day.

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