BoE's Pill: Finely balanced issue if BoE still has more to do

While speaking on the sidelines of the annual International Monetary Fund (IMF) meeting on Thursday, Bank of England Chief Economist Huw Pill said it was a finely balanced issue whether the Bank of England needed to tighten the policy further, per Reuters.

"We have done a lot over the last two years. A lot of that policy is still to come through," Pill explained.

"Whether we've done enough - or whether we have more to do - I think is becoming a more finely balanced issue," he added and reiterated that they will do what they need to do to have inflation at 2% on a lasting basis.

Market reaction

GBP/USD showed no immediate reaction to these comments and the pair was last seen moving sideways in a narrow channel at around 1.2300.