Carney Speech: Unit labour costs have picked up fairly steadily

Governor of the Bank of England, Mark Carney, is responding to questions from the press, with key quotes, via Reuters, found below.

Unit labour costs have picked up fairly steadily.

Justification for an inflation-targeting central bank to continue to overshoot its target in 3 years disappears as trade-off with growth dissipates.

As you get to end of growth/inflation target, you don't get much other than missing target further out.

As UK faces Brexit, want public to know BOE will get inflation back to 2 pct.

Inflation is approaching target but a little above after 3 years.

Broad brush, market pricing gets you broadly where you want to be.

Key notes

GBP/USD weaker, breaches 1.3100 on Carney.

The selling pressure around the Sterling remains well and sound on Thursday following the BoE meeting and the press conference by Governor M.Carney, all relegating GBP/USD to test fresh lows in sub-1.3100 levels.

UK: Cautious Bank of England casts doubt over further rate hikes - ING.

The Bank of England has hiked interest rates but a surprising tone of caution says future hikes are still not guaranteed, explains James Smith, Economist at ING.

About Mark Carney 

Mark Carney is Governor of the Bank of England and Chairman of the Monetary Policy Committee, Financial Policy Committee and the Board of the Prudential Regulation Authority. His appointment as Governor was approved by Her Majesty the Queen on 26 November 2012. The Governor joined the Bank on 1 July 2013.