Bank of England (BoE) Deputy Governor Dave Ramsden said on Monday that the concern that inflation becoming more domestically generated has been a driver of the BoE's bigger-than-usual rate hikes, as reported by Reuters.

Additional takeaways

"We will take necessary steps to get inflation back to target."

"We are acutely aware of the impact of rate rises so far."

"Today's PMIs are consistent with the UK economy being in recession."

"We have to take account of the fall in the value of the pound."

"Sterling has been relatively stable of late."

"Temporary expanded collateral repo facility will hopefully have a role, not called on yet."

"I was reluctant to go down the bond purchase route."

Market reaction

These comments failed to help the British pound find demand and GBP/USD was last seen posting small daily losses at 1.1290.