With BoE press conference drawing to a close,...>

BOE: With BoE press conference drawing to a close, in summary:

-7:2 vote inline with consensus

-CPI seen returning to target faster than prev. estimate as GBP effect fades

-Near-term growth revised lower in line with weak Q1, but broadly unchanged. BoE

appears to believe Q1 ONS figures will be revised higher

-The level of slack in the UK economy was again seen as "very limited" and the

MPC retained the guidance that future tightening would "gradual" and "limited"

-Carney not drawn on market pricing during the presser

-Will revisit their thinking on QE unwind "in due course"

-Initial analyst views seem to follow the thinking that MPC are back in

wait-and-see mode, making UK assets increasingly data-dependent/sensitive

-MNI PINCH sees market pricing a near 50% chance of a 25bps rate hike in August

down from 66%, sees a full 25bps rate hike in November down from 26.7bps prior.