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External Bank of England (BoE) MPC Member Megan Greene spoke at the Goodbody Annual Equity Conference in Dublin on Thursday. She said that although inflation has stabilized, her big concern is around second-round effects.

Silver (XAG/USD) drifts slightly lower on Thursday, trading around $53.25, down 0.15% on the day at the time of writing. The white metal remains range-bound amid thin liquidity associated with the US Thanksgiving holiday.

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• I expect slack to increase
• It’s encouraging that services inflation is coming down
• Evidence on wage growth is also encouraging
• BoE projection is benign
• Inflation has stabilised
• My concern is around second-round effects
• Business inflation expectations are elevated and rising
• Preliminary results from BoE agents’ survey point to pay settlements of around 3.5%, maybe due to upward shift in wage-setting
• Policy must bear down if expectations are elevated
• There are some green shoots emerging in the labour market
• Vacancies have stabilised and consumption is weak
• The most salient global risk comes from markets
• When talking about the big weighting of AI on the stock market, she said that a correction could spill over (negatively affect the whole economy)
• Most policy rules suggest keeping rates steady
• I worry that wage and price-setting have changed a bit
• Budget energy price measures appear to be a one-off, but may help inflation expectations

These are some fairly dovish comments from Greene who has been one of the most hawkish BoE members for quite some time. Her concern remains the second-round effects around inflation but it feels like she toned down a bit her “hawkishness”.

The BoE is widely expected to deliver a 25 bps rate cut in December with a total of 64 bps of easing seen by the end of 2026.

This article was written by Giuseppe Dellamotta at investinglive.com.

The GBP/USD pair remains steady at around 1.3230 on Thursday as market participants digest the UK’s Autumn Budget amid thin trading liquidity conditions, with US markets remaining closed in observance of the Thanksgiving holiday.

The Japanese Yen trims part of its earlier recovery against the US Dollar on Thursday as the Greenback shows resilience in muted, holiday-thinned trading. At the time of writing, USD/JPY is hovering around 156.30, edging higher modestly after briefly touching a daily low of 155.73.

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EUR/JPY trades around 181.25 on Thursday at the time of writing, as the market digests a mild boost for the Euro (EUR) from the latest European Central Bank (ECB) Accounts alongside a still-challenging backdrop for the Japanese Yen (JPY).

EUR/JPY trades around 181.25 on Thursday at the time of writing, as the market digests a mild boost for the Euro (EUR) from the latest European Central Bank (ECB) Accounts alongside a still-challenging backdrop for the Japanese Yen (JPY).