BOE Bailey
  • The level of bank rate remains appropriate
  • It isn't as simple as seeing inflation return to target in the spring and calling the job done
  • But things are moving in the right direction
  • We have to keep monetary policy sufficiently restrictive for sufficiently long
  • How long that will be and how high rates have to stay depends on incoming data

He is just mostly reiterating the points made in the statement so far, just with a bit more colour. There is no explicit guidance on the timeline for rate cuts, so that isn't giving much for traders to work with. GBP/USD is still a little higher at 1.2670 from around 1.2640 before the BOE decision.