• There is a risk that self-sustaining inflationary dynamics embed in expectations
  • Must guard against cutting too far or too fast
  • Vote to maintain rates is a skip rather than a halt
  • Continue to see rate cuts if the economy evolves as forecast
  • Need to recognise CPI stubbornness as more pressing
  • Shocks could prompt policy changes either way

Pill has made similar comments recently, so these are not new. There's been a slow but clear shift of focus in the MPC towards inflation recently.

Source: Investing Live