Bank of England Chief Economist Huw Pill said he’s erring on the side of caution in deciding when to cut UK interest rates, saying officials need to remain on guard for risks that inflation persists. Pill said the economy and price pressures have evolved roughly as he expected at the start of March. As a result, “the absence of news and the passage of time have brought a Bank Rate cut somewhat closer.” However, he pushed back against expectations of an imminent move, saying there was “still a reasonable way to go before I am convinced that the persistent momentum in underlying inflation has stabilized.” Pill’s ... (full story)