BOE’s McCafferty: Support the reduction of BOE equilibrium on unemployment

The Bank of England (BOE) policymaker Ian McCafferty also crossed the wires now, throwing fresh light on the UK labour market.

Key Headlines via Reuters:

Supports the reduction of BOE equilibrium on unemployment but is unsure about the size of reduction

Would prefer a reduction to 4.75% rather than 4.5%

Skills shortages & level of vacancies suggest we are closer to full employment than weak wage growth suggests

Some members of MPC thought equilibrium unemployment rate could be below 4.5%, others thought it could be 4.5%-4.75%