- Need to continue with rate hikes
- But no need to speculate about May decision
- Core inflation is sticky and upside risks to inflation are dominating
They are coming out in force today to reaffirm that they are still going to tighten policy further after yesterday's decision. But this is a big step down in terms of forward guidance as this time around, they are not "promising" anything to markets - not like the 50 bps for this month.