August 01, 2024 at 12:34PM
Services price inflation and domestic inflation pressures remain elevated
There might be a slight rise in services price inflation in August, before easing for the rest of the year
Watching services prices very carefully
Should not adjust our course with every data surprise that comes in
There is still a question on whether persistent component of inflation can return to 2% sustainably
Need to make sure policy is sufficiently restrictive to return inflation to 2% target
Appropriate to adjust policy restrictiveness a little at today’s meeting
This is mainly a rehash of the statement. So, there isn’t really anything new as he continues to highlight that there are still risks to the inflation outlook. On to the Q&A now. GBP/USD is still down 0.5% on the day at 1.2785 but settling a little higher after the decision earlier.
This article was written by Justin Low at www.forexlive.com.