BoE’s McCafferty: No need for QE reversal until bank rate has been increased "several times"

BoE policymaker Ian McCafferty is crossing the wires, saying that the recent shift in market expectations for a BOE rate rise to late 2017 had reduced the risk of "an unpleasant surprise," as per Reuters reports.

Key quotes (via Reuters):

• Markets had previously misread BOE as having its hands tied until Britain left the EU
• Some signs that global economy is starting to normalise again after 2008 financial crisis
• Monetary policy can do little to offset likely weaker real income growth as Britain leaves the EU
• MPC will continue to pay close attention to changes in economic sentiment caused by Brexit uncertainty
• No need to consider starting to reverse QE until bank rate has been increased "several times"
• Does not expect QE reversal to become much of an issue before his term expires at end of Aug 2018
• QE reversal unlikely to be mirror image of purchases, or identical to higher bank rate