BOE's Tenreyro is speaking and says:
- impact of the February rate rise is more likely to havee its peak impact one inflation is still above a target than if we had waited too much longer.
- My policy decisions will seek to manage any temporary trade-offs that arise between inflation and the volatility of output
- With the inflation to pick up from higher tradable goods price inflation now set to be larger and likely more persistent than previously expected, I thought and earlier tightening would strike a better balance
- Associated fall in real income is also likely to weigh on demand
- Further modest tightening would therefore be consistent with inflation returning to target sustainably
Comments are consistent with the Bank of England policy
