Bloomberg via Getty ImagesU.K. bond yields rose on Friday after Bank of England Chief Economist Andy Haldane cautioned that inflation might end up being hard to tame, prompting more assertive policy action.In a tape-recorded lecture published Friday, Haldane noted that there were both upside and downside threats to the inflation outlook, but warned that an inflationary “tiger” had actually woken up.”The combined results of unprecedentedly big shocks, and unprecedentedly high degrees of policy assistance, have actually stirred it from its sleep. In this environment, the tiger-taming act facing reserve banks is a unsafe and tough one,” Haldane said.Global markets have been jittery over the previous week due to a spike in the U.S. 10-year Treasury yield, driven in part by rising expectations for inflation and financial development as Covid-19 vaccines are presented and pent up customer demand is possibly unleashed.Earlier this week, U.S. Federal Reserve Chairman Jerome Powell looked for to temper issues that the Fed would tighten up monetary policy conditions in the face of rising inflation. Powell promised it would preserve its unmatched accommodative stance, adopted in order to usher the economy out of the coronavirus crisis, projecting that inflation and work would remain below target.Haldane, considered the most hawkish member of the Bank of Englands Monetary Policy Committee (MPC), acknowledged the possibility that as vaccines are rolled out and normality returns, inflation will support. He included that disinflationary forces might even return if the pandemic threats sustain.”But, for me, there is a tangible risk inflation shows more difficult to tame, needing financial policymakers to act more assertively than is currently priced into monetary markets,” he stated.”People are best to warn about the risks of main banks acting too conservatively by tightening up policy prematurely. However, for me, the higher danger at present is of reserve bank complacency allowing the inflationary (big) feline out of the bag.”The yield on the British 10-year Gilt increased to 0.816% following the speechs release, while the 5-year and 2-year Gilt rates reached 0.396% and 0.121% respectively.