BOE BAILEY SEES SUBDUED SECOND - ROUND INFLATION DESPITE GROWING NOVEMBER HIKE EXPECTATIONS

What happened: Bank of England Governor Andrew Bailey said second-round inflation pressures from soaring energy costs have been "quite subdued" so far, though he said it is too early to draw firm conclusions. Why it matters: Bailey pointed to businesses' limited ability to pass on higher energy costs and said the UK economy is more resilient than expected. November hike expectations have strengthened sharply from September's survey, when about 90% expected no further tightening this year.

Bank of England Governor Andrew Bailey said second-round inflation pressures from soaring energy costs have been "quite subdued" so far, though he said it is too early to draw firm conclusions.

Bailey pointed to businesses' limited ability to pass on higher energy costs and said the UK economy is more resilient than expected. November hike expectations have strengthened sharply from September's survey, when about 90% expected no further tightening this year.