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Bailey asked if rates have peaked

BOE
  • Bailey asked if rates have peaked unless there is a surprise in the data?
  • He says in previous language in November that if the outlook continued as expected further hikes were expected and "forceful" is included. Says both of those have been removed. Says if we evolve as central case will have to reevaluate. If inflation is more persistent will need to act.
  • Broadbent says nothing in the language to expect we are at a peak, and risks are very clearly skewed to the upside. Given degree to which Bank Rate has already been raised decisions become more sensitive to data.
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