Bailey speech: Key factors for May rate decision were domestic, not tariffs

Bank of England (BoE) Governor Andrew Bailey is testifying on the May Monetary Policy Report (MPR) before the UK Parliament's Treasury Select Committee (TSC) on Tuesday. 

Key quotes

Key factors for May rate decision were domestic, not tariffs.

We have not seen particular inflation surprises.

Labor market has loosened somewhat.

Pay growth is above levels consistent with 2% inflation target but lower than expected in Feb.

Gradual and careful remain my guide for rates.

Market reaction

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