BOE's Bailey: Inflation is falling and we expect it to fall further this year

<ul><li>That is welcome news</li><li>Previous rate hikes are working but inflation is still not where it needs to be</li><li>There is absolutely no room for complacency</li><li>Will be watching closely to see if further rate hikes will be needed</li><li>Will need to keep rates high enough and long enough to get the job done</li><li>Will do whatever is needed to get inflation back to normal</li></ul><p>They're not shutting the door for another rate hike in November but in all likelihood, they may already be done unless we do see a significant tick higher in inflation in the coming months. And if the UK economy continues to worsen at its current pace, that might just shut the door on the BOE itself before they can even consider any more rate hikes in the near future.</p>

This article was written by Justin Low at www.forexlive.com.