BOE's Bailey: We are not yet at a point where we can lower rates

<ul><li>The level of bank rate remains appropriate</li><li>It isn't as simple as seeing inflation return to target in the spring and calling the job done</li><li>But things are moving in the right direction</li><li>We have to keep monetary policy sufficiently restrictive for sufficiently long</li><li>How long that will be and how high rates have to stay depends on incoming data</li></ul><p>He is just mostly reiterating the points made in the statement so far, just with a bit more colour. There is no explicit guidance on the timeline for rate cuts, so that isn't giving much for traders to work with. GBP/USD is still a little higher at 1.2670 from around 1.2640 before the BOE decision.</p>

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