BoE Governor Bailey (Q&A) takes the view that the market curve is entirely consistent from what they see from an economic perspective

SCENARIOS Should attach a lower-than-usual probability to the BoE's central scenario. The situation in the Gulf feels as uncertain as it did a few months ago. Places emphasis on the adverse scenario, calling it episodic; with periods with and periods without conflict, and associated energy moves. A point also referenced by Lombardelli and Ramsden. RATESThe central view in the market is that rates will stay on hold.INFLATION Encouraging that CPI is below where the BoE thought it would be. The balance of risks to inflation remains to the upside, but subject to change.