Bailey
  • Not clear whether omicron will push inflation up or down
  • Wholesale gas prices are likely to push inflation up further as new price cap is set
  • There are signs of more persistent price pressures, that is a concern to us
  • We have to take the action needed to address inflation pressure

That sounds like someone is is certainly worried. Cable is up 82 pips to 1.3343 though hasn't moved on these comments.