Out now with a presser to follow at 11.45 GMT

  • most MPC members see inflation rising more slowly due to sterling, oil prices
  • risks to global growth skewed moderately to downside reflecting Eurozone
  • medium term inflation expectations remain well- anchored
  • GBP appreciation to push down inflation for some time to come, poses down side risk to near-term path
  • BOE forecast shows 2% CPI in 2 years time based on market interest rates
  • 2015 GDP forecast +2.8% vs +2.5% prev, 2016 +2.6% as prev
  • wage growth in Q4 2015 +3.0% vs +2.5% prev Q4 2016 +3.75% vs +4.0% prev

I did warn of hawkish overkill in my preview and the increased GDP/wage growth forecasts doing little to steady the ship

GBPUSD 1.5538 from 1.5612 EURGBP 0.7016 from 0.6992

Full report here when the Bank of England site is back up !

Letter from Carney to Osborne here

Update: 11.10 GMT GBPUSD 1.5493 EURGBP 0.7038 BOE site back up