The front page of the Financial Times for tomorrow was just released
Here is what Carney said:
"The Bank of England is around half a millennium younger than Magna Carta. To put the limited and gradual expectation in historical context, short term interest rates have averaged around 4½ per cent since around the Bank's inception three centuries ago, 31 the same average as during the pre-crisis period wen inflation was at target. The average pace of tightening since the adoption of inflation targeting in 1992 was around 50 basis points per quarter.
It would not seem unreasonable to me to expect that once normalisation begins, interest rate increases would proceed slowly and rise to a level in the medium term that is perhaps about half as high as historical averages. In my view, the decision as to when to start such a process of adjustment will likely come into sharper relief around the turn of this year."
To me that reads more like him saying the BOE will only start thinking about when to raise rates in Dec/Jan.
