The testimony has begun 21 Nov

  • inflation has been a bit lower than BOE f/c in the Autumn
  • wants to wait before tightening policy further until there is clear evidence of wage growth
  • my policy decision does not anticipate any particular Brexit outcome

GBPUSD suitably unfazed at 1.3235 for the moment

MPC's Vlieghe:

  • inflation likely to peak now if oil and GBP prices stay where they are
  • firms starting to pay a little more attention to recruitment difficulties

MPC's Saunders:

  • I consider that rates will need to rise further over time
  • pass through from GBP depreciation is far from over

Yada yada so far but keep paying attention. You never know

GBPUSD still 1.3235 but with EURGBP nudging back up to 0.8864