Everything was as expected and the comments in the BoE’s monetary policy report and the press conference were apparently not considered to be too dovish. 

BoE Governor Andrew Bailey underlined repeatedly during the press conference that price stability was the BoE’s mandate. Rather than preventing a recession for example. Moreover, it was premature to consider rate cuts. The market seems to be buying that.

The question is whether the BoE will also stick to these comments if inflation turns out to be more stubborn. For now, however, the market seems to be content and Sterling might have scope for a temporary recovery.