LONDON, (Reuters) – Quantitative easing could be an ineffective tool for dealing with future bond market turmoils, given the current high level of inflation, Bank of England chief economist Huw Pill stated on Thursday.

Pill opened a BoE conference about sovereign capital market research and said that the central bank may not want to make the same hundreds of billions more bond purchases in 2020, at the beginning of the COVID-19 Pandemic. These were partly made to ease bond market turmoil.

He said that maybe we had been lucky enough to face these problems at a time in which macroeconomic and monetary considerations were not interrelated with efforts to sustain market functioning and financial stability.

Pill said, “Now that inflation has risen to an alarming level, it is not possible for us to take that as a given.”

“Some of these papers… make it questionable whether monetary policy can be used to address concerns about sovereign market functioning.”