BoE Governor Bailey says he would caution against suggesting either that the BoE is done with hiking rates or that BoE will inevitably need to do more; have to monitor carefully how the tightening already done is working its way through the economy

• Further increase in Bank Rate may turn out to be appropriate, but nothing is decided.
• The incoming data will add to the overall picture of the economy and the outlook for inflation, and that will inform our policy decisions.
• Will reach conclusions with a determined focus on achieving the 2% inflation target on a sustained and lasting basis.
• Economy is evolving much as BoE expected.
• Monetary policy cannot make the shock to national real income go away.
• If BoE does too little with rates now, BoE will only have to do more later on.
• Must ensure that the situation does not get worse through homemade inflation taking hold.
• UK labour market remains very tight.
• At the Monetary Policy Committee’s February meeting, we made a very deliberate change to the way we described our view of the outlook. We moved away from what had effectively been a presumption at our previous meetings that further increases in Bank Rate would be required.

Via BoE