• Aggregate rate of inflation likely to rise further in the next few months
  • Chances are that it will comfortably exceed 5% in April
  • Good reason to think that goods inflation will likely fade before a policy decision could do much
  • Tightening of labour market is likely to be a more persistent source of inflation

If anything else, he doesn't sound too keen on advocating a rate hike. The BOE already failed to make any friends with the unpopular decision back in November but at least this time they're not outright selling the case to tighten.