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The Bank of England is in a tight spot

Summary:
Near the beginning of the Coen brothers’ classic O Brother Where Art Tho? our three escapee heroes find themselves in a barn surrounded by local law enforcement, with no clear way out — leading George Clooney’s Ulysses McGill to proclaim: “Damn, we’re in a tight spot!” Bank of England governor Andrew Bailey and his eight fellow members of the monetary policy committee might empathise. In comments reported by the FT over the weekend, Bailey said the Old Lady of Threadneedle Street “will have to act” to control inflation, after the figure hit 3.2 per cent in the year to September, 1.2 percentage points up on where it was the previous month. Markets have taken Bailey’s remarks as a hint that rates will not only rise from their current level of 0.1 per cent later this year,

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Near the beginning of the Coen brothers’ classic O Brother Where Art Tho? our...

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