• Does not want to steer market rate expectations on day to day basis
  • We have to recognise that we have done a lot with monetary policy already
  • MPC has changed language quite substantially
  • It is important we do not do too much on monetary policy
  • We have reasonably high degree of confidence that inflation will fall this year

The dovish communique continues as Pill says that it is important that they don't raise rates by too much. The pound is down to fresh lows on the day now with GBP/USD falling just below 1.2200, down 0.3%.