In a speech to the British Chambers of Commerce on Wednesday, Bank of England Governor Andrew Bailey said there are signs that the labour market is loosening a little, per Reuters."Inflation is much too high and we need to bring it back sustainably to our 2% target."
"We know that higher interest rates make things hard for many people but we’re conscious that high inflation always hits the least well-off the hardest." "We have good reasons to expect inflation to fall sharply over the coming months, beginning with the April number." "The easing of labour market tightness is happening at a slower pace than we expected in February and the labour market remains very tight."GBP/USD managed to rebound from the multi-week low it set near 1.2420 after these comments. As of writing, the pair was trading at 1.2463, losing 0.2% on a daily basis.Information on these pages contains forward-looking statements that involve risks and uncertainties.