The chief economist of the Bank of England, Pill, downplays changes in the wording of interest rate guidance.

Huw Pill, chief economist of the Bank of England, warned against over-interpreting the central bank's decision to remove the word "cautious" when discussing future interest rate cuts. In guidance provided to investors, the central bank stated that interest rates "may continue to evolve along a gradual downward path." Previously, the Monetary Policy Committee had pledged to implement loose monetary policy in a "gradual and cautious" manner. "I recommend not over-interpreting these wording changes, especially in the current situation," Pill said. "We have indeed made innovations in our analysis and presentation styles, which stem from the monetary policy framework review report released about 18 months ago, providing an opportunity for updated expressions." "We absolutely do not want the outside world to interpret the removal of the word 'cautious' from the report as a sign that the Monetary Policy Committee has become less cautious. I believe it is quite the opposite."