• There is more than one path for rates that may deliver inflation back to target
• We will judge what is most appropriate based on evidence
• We have to balance the risks; there are risks both ways
• Economic projections have weakened since May

He doesn’t want to give much away but he’s not explicitly pushing back against the current market pricing either. I would think that all else being equal, another rate hike in September is likely but anything after will have to be reassessed. In a sense, the BOE is just one meeting behind falling in line with where the Fed and ECB are right now.

This article was written by Justin Low at www.forexlive.com.