BOE’s Haldane: Risks to interest rates are two sided and symmetric

The Bank of England (BOE) Chief Economist Andy Haldane is on the wires now, testifying on the February inflation report before the Treasury Select Committee (TSC).

Key Headlines:

There was collective amnesia at central banks in the run up to the last crisis

Scope to improve forecasting is more limited than weather forecasting

Is comfortable with a broadly neutral stance on the likely course of interest rates

Risks to interest rates are two sided and symmetric

We would be concerned if there was a too sharp rise in market interest rates

Too sharp a rise in market rates could tighten credit conditions and hit consumer spending