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Following the comments from the Bank of England (BOE) MPC member Vlieghe, the UK central bank Governor Carney is up on the rostrum now, testifying  on inflation and the economic outlook before Parliament’s Treasury Select Committee (TSC).

Key Headlines:

The economy did not evolve in line with February forecast.

Guidance BOE gives is conditional on the economic outlook.

Households, businesses understand that rates are likely to rise at a gentle pace.

Q1 slowdown likely due to idiosyncratic and temporary factors.

It is right to wait for more data.

Interest rate volatility in short-term markets is very low by historic standards.