Bank of England (BoE) Chief Economist Huw Pill said on Friday, “a more cautious withdrawal of monetary policy restriction may be appropriate.”
Additional quotes
There is a risk that self-sustaining inflationary dynamics embed in expectations.
Must guard against cutting too far or too fast.
Vote to maintain rates is a skip rather than a halt.
Continue to see rate cuts if the economy evolves as forecast.
Need to recognise CPI stubbornness as more pressing.
Shocks could prompt policy changes either way.
Market reaction
GBP/USD is trading modestly flat on the day at 1.3430 following these comments.