Full text of the statement from Governor Andrew Bailey:

The Bank is monitoring developments in financial markets very closely in light of the significant repricing of financial assets.

In recent weeks, the Government has made a number of important announcements. The Government’s Energy Price Guarantee will reduce the near-term peak in inflation. Last Friday the Government announced its Growth Plan, on which the Chancellor has provided further detail in his statement today. I welcome the Government’s commitment to sustainable economic growth, and to the role of the Office for Budget Responsibility in its assessment of prospects for the economy and public finances.
The role of monetary policy is to ensure that demand does not get ahead of supply in a way that leads to more inflation over the medium term. As the MPC has made clear, it will make a full assessment at its next scheduled meeting of the impact on demand and inflation from the Government’s announcements, and the fall in sterling, and act accordingly. The MPC will not hesitate to change interest rates as necessary to return inflation to the 2% target sustainably in the medium term, in line with its remit.
The cheerleading of government moves is a bizarre turn. The highlighting of the 'next scheduled meeting' is a strong hint to markets that no intra-meeting move is coming. Of course, no one plans an intermeeting move and it can all change as quickly as the market has in the UK lately.

The bit on acting accordingly certainly isn't a push back on pricing that's at 85% for a 125 bps hike at the next MPC.

The pound and UK bond market wanted a stronger hint on intervention, or was scared of the unknown. This is an 'all-clear' to put the shorts back on. GBP/USD is down 162 pips to 1.0696. It has recovered into positive territory earlier on rumors of a BOE statement.

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