- This is not a standard demand-driven rate hike
- We have not raised rates because the economy is "roaring away"
- It is necessary to raise rates because inflation unlikely to return to target without it
- Size of rate hike was a close call among the MPC
- Need to keep rate hikes in perspective, UK rates still very low by historical standards
- Not in the territory of wage-price spiral on inflation
He's mainly acknowledging the risks associated with higher and more persistent inflation, which calls for the BOE to act as they have since December. Again, not really adding fuel to the fire but mostly just making sure that the market understands why they are pressing forward with this policy path in the months ahead.