He again mentioned his main priority was to balance a slowing economy with rising food and fuel costs. He also said that the problems in the world financial markets, the subsequent credit crunch, and rising inflation were impacting upon the UK. (Has he only just noticed?)
However, what he did say seemed to suggest that the much-predicted interest rate reduction in June may not happen.
"We are travelling along a bumpy road as the economy rebalances. Monetary policy cannot and should not try to prevent that adjustment. The MPC must focus on bringing inflation back to the target in the medium term."
On a more positive note he does believe that the UK economy will absorb the problems and bounce back in 2009.
