Carney on the BBC

  • I don't want to get too focused on the precise timing of the next hike, it's more about the general path
  • Prepare for a few interest rate rises over the next few years
  • We have had some mixed economic data
  • Any interest rate hikes will be gradual and Brexit could delay rate rises
  • I am sure there will be some differences of opinion among MPC members
  • Uncertainty around Brexit has prevented what would have been a surge of investment
  • Productivity is not increasing, which will limit the rate at which people's wages can pick up
  • The BOE will adjust to the bid Brexit decisions that are made
  • Full report

The market wanted a stronger signal on rates with OIS pricing in an 85% chance of a hike on May 10 along with a 45% chance of a second hike before year end.

"Carney said that although people should be prepared for a possible rate rise this year, there was still a lot of data to consider before they needed make the decision which will be announced on 10 May," the BBC report said.

Cable is down to the lows of the day.

"Listening to the Governor, I sensed that he was a little more doveish on the possibility of an interest rate rise next month than he had been previously," reporter Kamal Ahmed said.