Combination of two shocks makes the monetary policymaker’s job harder.
Downside risk to demand scenario remains a risk but is not my central case.
A more persistent hold on Bank Rate is appropriate right now to maintain the tight monetary policy stance needed to lean against inflation persistence.
SUMMARY
Overall tone: More hawkish, given the focus on inflation persistence, the case for maintaining a tight stance, and her warning that markets may be underestimating the needed policy path — though she left a conditional dovish door open if growth risks deepen.
The GBPUSD is trading between the 100 and 200 hour MAs with the 200 hour MA at 1.34944 and the 100 hour MA lower at 1.34624. The current price is higher on the day but between the two technical levels indicative of a more neutral technical view.
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