BoE's Pill: Normalizing monetary policy is not a race between countries

"Normalizing monetary policy is not a race between countries and markets are sometimes uncomfortable with that," Bank of England (BOE) Chief Economist Huw Pill said on Tuesday. 

Pill further argued that the UK government's fiscal response to the economic slowdown would free the monetary policy to address longer-term inflation dynamics. 

Market reaction

These comments don't seem to be having a noticeable impact on the British pound's performance against its rivals. As of writing, the GBP/USD pair was trading at 1.0760, where it was up 0.7% on a daily basis.