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BoE Governor Bailey says it is still early days on inflation risks from the Iran war but it is quite subdued so far

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Governor Bailey noted subdued Iran war inflation risks so far, stated ending the conflict is needed for rate cuts, and confirmed QT preparations preceded the war.

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Monetary conditions have tightened quite a bit this year because we were expeceted to cut rates. Outlook is too uncertain to judge market bets on 4 rate hikes. Did not discuss the prospect of raising interest rates four times. An end to the Middle East conflict is a condition needed to cut rates. QT: Have been working on QT plan since before the Iran War. This decision is not a reaction to market conditions.

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