Comments from Bank of England MPC member McCafferty
- Market is expecting three hikes over three years
- We need to hike because growth is strong and inflation is above target
- Rates will have to go up gradually
- We will be watching data and making decisions on month-by-month basis
- We'd like to get rates to a place where we could cut if it became required
More to come as he takes questions from the public on the radio.
