Chief economist of the Bank of England: The pace of cutting interest rates once every quarter is "too fast".

The chief economist of the Bank of England, Pier, said on Tuesday that considering the inflation outlook, he thinks the pace of lowering interest rates once every quarter is too fast, but his vote earlier this month to support staying put may be considered as "not taking a stance for now." Pier said in a speech at Barclays Bank in London, "I would characterize my vote in May as supporting 'not taking a stance' in the ongoing process of unwinding monetary policy restrictions, rather than halting the process." He added, "It should not be seen as supporting a halt to the unwinding of restrictions, let alone a reversal." Pier said that the pace of quarterly rate cuts since mid-2024 has been "too fast."