The speech is now published.
Here's the summary from the BOE:
In this speech Huw Pill discusses the outlook for the economy, including how lower energy prices might push down on inflation in the short term, but could also boost demand and therefore impact inflation in the medium term. He stresses that the MPC must continue to monitor how these external shocks to inflation might become embedded in the economy, and therefore risk persistently high domestically driven inflation. He goes into detail about the Monetary Policy Committee’s role in controlling inflation, and the potential impact of its recent significant increases to interest rates. He outlines how the Monetary Policy Committee carefully assesses the impact of interest rate rises that have yet to feed through, with the need to address current inflationary pressures.
- Given the lags in monetary policy transmission, there is a lot of policy-in-the-pipeline still to come through
- Although headline inflation is set to fall significantly in the course of this year owing to a combination of base effects and falls in energy prices, caution is still needed in assessing inflation prospects on account of the potential persistence of domestically generated inflation
- At the next MPC meeting in early May, we will benefit from a comprehensive assessment of the outlook embodied in a new forecast.
- On that occasion, I will come to my own conclusions about Bank Rate on the basis of my assessment of the data flow and its interpretation in the forecast analysis.
There's a moderate dovish bent to these comments.
