"We have raised interest rates a lot already, we believe inflation will fall quite rapidly before the summer," Bank of England (BoE) Governor Andrew Bailey said on Thursday.
"February inflation data means we need to see a fall in inflation happen," Bailey added. "We will go on making decisions needed for sustained low inflation."
Market reaction
These comments don't seem to be having a significant impact on Pound Sterling's performance against its rivals. As of writing, GBP/USD was up 0.4% on the day at 1.2313.
Additional takeaways
"We don't know if 4.25% will be a peak in rates."
"We see signs of inflation peaking, but it's far too high."
"There are signs of inflation pressures calming down."
"We're much more hopeful now that the UK won't enter recession."
"I do not think we will see a repeat of 2008 banking crisis, UK banks are much stronger."
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