Bailey doesn't commit to needing to wait for Q1 wage data before cutting

BOE asked if need to see evidence of pay deals struck before April before cutting rates.

• Bailey says need to put this into the framework. Have seen drop in inflation. Now looking for indicators of persistence. Services inflation is key part of that and labour costs are a key part of services inflation. AWE has "rejoined the pack" of wage growth measures. The important point is inflation is now falling, "I hope and expect it will pass through into people's inflation expectations and that will pass through into the economy." Says wages are set in markets, and what MPC can do is bring down inflation. Says it's not a preaching point but that's the mechanism they expect. He doesn't commit to needing to see any month's data.