汤姆·里斯英国银行的货币政策委员 Catherine Mann 表示，劳动市场“相对静态”而非松弛，同时她警告称通胀压力正逐渐嵌入其中。
Bank of England rate-setter Catherine Mann said the labor market is “static” rather than loose as she warned inflationary pressures are becoming embedded.
Mann 周二表示，她担忧即将到来的工资结算问题，此时正值英国银行预计上升的燃料和能源成本将把通胀率“显著”推高至明年初4%以上。
Mann said on Tuesday she is worried about upcoming wage settlements at a time when the BOE expects rising fuel and energy costs to push inflation “notably” above 4% early next year.
尽管英国银行官员们从相对疲软的劳动市场中获得了一些安慰，认为这有助于抑制工资增长，但 Mann 并不那么安心。她表示，英国正处于“低招聘、低离职”的环境中。
While BOE officials have taken some comfort from a tepid labor market, arguing it is helping to contain wage growth, Mann is less reassured. The UK is in a “low-hire, low-fire environment,” she said.
“我不认为这是松弛的劳动市场；我觉得这更像是有些静态，”她在伦敦举行的 TS Lombard 资本市场活动上表示。“潜在的松弛因素在于新进入劳动市场的人们，但我不认为他们的数量足以真正把这转化为松弛的劳动市场。”
“I do not see this as a slack labor market; I see this as a bit static,” she said at a TS Lombard capital markets event in London. “The potential slack are the new entrants to the labor market, and I don’t think they’re enough to actually translate this into a slack labor market.”Mann, who is one of the most hawkish officials on the Monetary Policy Committee, has argued that rate hikes are needed to stop the energy shock fanning out into the wider economy. While she was in the minority backing an immediate rate rise last month, more officials have since signaled a hike will be harder to avoid the longer the Middle Eastern conflict goes on.
作为货币政策委员会中最鹰派的官员之一，Mann 曾主张需要加息以阻止能源冲击蔓延到更广泛的经济中。尽管上个月她在支持立即加息的少数派中，但自那以后，越来越多的官员表示，一旦中东冲突持续，加息就会变得更难以避免。
The UK central bank is trying to determine whether the energy shock will cause second-round inflation effects, as firms pass on higher costs and workers try to bid up wages.
英国央行正试图判断能源冲击是否会引发二轮通胀效应，即企业将把更高的成本转嫁给消费者，而工人试图通过提高工资来对抗通胀。
Mann signaled she remains worried about the wages channel keeping inflation above the BOE’s 2% target despite low levels of job vacancies.
Mann 示意她仍然担忧工资渠道会使通胀保持在英国银行2%目标之上，尽管近期职位空缺率较低。
“They’re going to start negotiating at a time when inflation is above 4%, when they’ve probably had a nasty Ofgem energy price increase,” she said, referring to the quarterly increases in the UK’s household gas and electricity bills cap.
“他们将在通胀率超过4%的时候开始谈判，此时他们可能刚刚经历了可怕的 Ofgem 能源价格上调，”她说，这指的是英国家庭燃气和电力账单上限的季度性上调。
She also pointed to the possibility of another hefty increase in Britain’s minimum wage, which firms could pass back to consumers through higher prices, and said another 40% of the workforce negotiate “somewhat like unions.”Workers’ main concern is the cost of living, she said.
她还指出，英国最低工资可能会再次大幅上调，企业可能通过提高价格将成本转嫁给消费者，并表示另有40%的劳动力进行着“类似工会”的集体谈判。她表示，工人最关心的是生活成本问题。
There is an “upward bias” to inflation in the UK and delaying raising rates makes the job of bringing inflation back to target doubly hard, she said. Policymakers can always “pivot” if inflation turns out to be more benign than feared.
她指出，英国的通胀存在“上行偏差”，推迟加息将使通胀回归目标水平的任务难上加难。如果通胀最终比预期温和，政策制定者随时可以“转向”。她警告称，通胀已经“根深蒂固”。
Inflation has become “embedded,” she warned.
曼恩表示，尽管遭遇能源冲击，实体经济依然保持韧性，主要风险在于，如果家庭预期物价涨幅将持续高位，他们可能会增加储蓄缓冲以保护购买力。
The real economy remains resilient despite the energy shock, Mann said, with the main risk being that households could increase savings buffers to protect their purchasing power if they expect price growth to remain elevated.
尽管曼恩对近期通胀仍感担忧，但她指出，企业正在适应能源冲击，使经济对进一步价格飙升的暴露程度降低。
While Mann remains concerned about inflation in the near-term, she pointed to firms adapting to energy shocks and making the economy less exposed to further price surges.
她表示：“他们正在积极投资能源生产方式的转变，例如从天然气转向风能和太阳能。这样一来，未来对能源冲击波动的暴露程度也会降低，这就是实体经济在应对能源波动时行为发生变化的方式。”
“They are actively investing in a change in energy generation from, say, gas to wind and solar,” she said. “You also end up being less exposed to the energy shock volatility going forward, so that is how the real side is changing its behavior in the face of energy energy volatility.”