Bailey maintains same tone as post-MPR release

Overall, nothing really new from Bailey. His speech was in line with the comments post-MPR release. There was discussion of the labour market - but no explicit mention of this week's data. Key quote:

"At the May meeting, the MPC judged that a further 0.25 increase in Bank Rate, to 4.5%, was appropriate. The MPC is continuing to address the risk of more persistent strength in domestic price and wage setting, as represented by the upward skew in the projected distribution for CPI inflation, and the Committee will continue to monitor closely the indicators of persistence in inflationary pressures.
I can assure you that the MPC will adjust Bank Rate as necessary to return inflation to target sustainably in the medium term, in line with its remit. If there were to be evidence of more persistent pressures, then further tightening in monetary policy would be required."