BOE's Pill: We held rates because economic restraint needs to be maintained

<ul><li>Hold decision reflected view some restrain on economy needed to be maintained</li><li>There is still a need to bear down on inflation</li><li>Balance of economic drivers has switched to supply side</li><li>We can be less sanguine about idea of slowing demand will lead to inflation returning to market</li><li>We have not really entertained the idea of cutting rates</li></ul><p>I find it strange that a central bank would have a 'chief economist'. Aren't they all economists? And if so, isn't the chief the governor?</p><p>In any case, you can see some dovish commentary start to creep into central bank comments. They're all feeling fairly good about where inflation is headed.</p>

This article was written by Adam Button at www.forexlive.com.