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Bank of England official Gertjan Vlieghe, considered to be one of the more dovish members of the British central bank's Monetary Policy Committee stated that he may put his weight behind a rate hike in the short-term.
In a speech, Vlieghe said that the development of economic data is strengthening the case of a rate hike, adding the suitable time of an increase in the bank rate might come as early as in the coming months.
The pound continued its rally on comments that put Vleigh in the hawk camp, joining Governor Mark Carney and increasing bets that a rate hike may occur as early as the next policy meeting in November.
The record-low unemployment rate, lack of economic slowdown, signs of solid consumption and indications of faster wage growth are raising concerns among policymakers that domestically generated inflation may be penting up. The BoE anticipates the headline inflation to reach 3 percent in October, one percentage point above the central bank's target, partly driven by the pound's steep depreciation in the wake of the Brexit vote.
