Bailey Signals BoE’s Patience Has a Shelf Life as Energy Costs Bite

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‼️ 🇬🇧 Bank of England Governor Andrew Bailey warned that resisting pressure to raise rates will get harder the longer high oil and gas costs persist, noting the energy shock’s pass-through has been “quite subdued” so far but that officials can’t wait for second-order inflation effects to emerge — comments that echo growing MPC concern over the prolonged US-Iran war, with Deputy Governors Clare Lombardelli and Sarah Breeden also signaling openness to a hike, as traders now price a near-90% chance of a quarter-point rise and at least three more within 12 months.