Bank of England's Mann flags entrenched inflation, fears 4% by year-end

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Catherine Mann, a member of the Bank of England's Monetary Policy Committee, said on the 6th that inflation running above the 2% target has become entrenched in the UK economy. Speaking at a conference hosted by economic advisory firm TS Lombard in London, she said, "Since I took this job, inflation has consistently been well above target. Inflation has become entrenched." She expressed particular concern that inflation is expected to reach 4% around the year-end period, when wage negotiations pick up. Since July, Mann has been among the minority voting in favor of raising the policy rate by 0.25 percentage points to 4%.

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％UK Government Bond 10Y
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Mann warns UK inflation entrenched and heading to 4%, implying higher-for-longer BoE rates, which lifts gilt yields

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