BoE Deputy Governor Ramsden Sees No Further QE in Near Term, Flags Upside Inflation Risks

Ramsden's shift toward upside inflation risks, alongside ruling out near-term QE, signals the BoE's policy bias is tilting away from accommodation — a notable change in tone for a deputy governor. The explicit watchlist — energy, weather, AI supply-chain pressures, food prices and second-round effects — matters because it frames inflation as potentially structural rather than transient, which affects rate-sensitive sectors including crypto and tokenized real assets. Whether those pressures actually build, and whether other MPC members echo the same framing, is the open question.