Bank of England (BoE) Deputy Governor Dave Ramsden acknowledged that the Consumer Price Index (CPI) inflation has begun to fall significantly in the UK but noted that it was still "much too high," per Reuters.

Key takeaways

"If there is evidence of more persistent pressures, then further tightening in monetary policy would be required."

"Monetary policy decisions will address the risk of more persistent strength in domestic wage and price setting."

"I support a carefully considered increase in the pace of reduction in the stock of gilts in the twelve months ahead."

"I want QT to set a gradual and predictable pace for unwind and to let it operate in the background."

"QT is having only a limited impact on gilt yields."

Market reaction

These comments failed to help Pound Sterling find demand. As of writing, GBP/USD was down more than 1% on the day at 1.2895.