Bank of England Governor Andrew Bailey insisted on Friday that the Bank of England will not raise interest rates in the next few months.

The governor said that the only reason the Bank of England surprised the financial markets on Thursday Holding rate The historical low of 0.1% is because it hopes to collect more information on the impact of the end of the vacation program in October on the labor market.

Bailey did not give the time for the central bank to raise interest rates for the first time since 2018, but made it clear that interest rates will rise, leaving him or the central bank with little room for maneuver to change his mind.

“We do think interest rates need to rise, and they will rise,” Bailey told the BBC Nowadays program, He added that his clear commitment to raising interest rates is for the financial market and the country to hear. “That was intentional,” the governor said.

He seems to be annoyed by the Bank’s Monetary Policy Committee’s failure to deliver on his statement, which implies that the central bank must take immediate action to quell Inflationary pressure In the British economy before the November meeting. “Let me assure you that we will not bottle,” Bailey said.

Bailey is under pressure because he promised that the Bank of England “must take action” to curb inflation, which is expected to rise to 5% in April next year, and then voted against raising interest rates, calling his previous statement a “truth.”

After deciding to abandon immediate interest rate hikes, financial markets oscillated on Thursday, seeking new levels to take into account their misunderstanding of the president’s intentions.

After the announcement, the pound fell 1.5% to US$1.352, the lowest level against the US dollar in five weeks. Short-term British government bonds staged their biggest one-day gains since March last year, pushing the yield of two-year government bonds down 0.21 percentage points to 0.48%.

When asked if the Bank of England is so sure that it needs to raise interest rates, why not take immediate action, Bailey replied: “In my opinion, the answer is actually entirely related to the labor market.” Explaining that banks need to understand the impact of the end of the vacation plan, he said that MPC did not consider a single measure to make judgments.

In view of the fact that inflation will rise to the highest level in 10 years, Bailey apologized for the damage caused by price increases to household real income, but said that the Bank of England still believes that price increases are a one-time change, not the beginning of a process. Inflation continues to rise.

“Inflation obviously affects people’s household income,” he said, blaming it on global issues such as rising energy prices and supply chain disruptions. “We are not going back to the 70s,” Bailey said. “It was a very different era.”