Bank of England (BoE) Governor Andrew Bailey faces questions by the UK parliament's Treasury Select Committee (TSC) about the central bank's May Monetary Policy Report.
There are risks of inflation persistence and we have to respond.
Global supply chain shock did prove to be largely transient but was swamped by the Ukraine invasion effect.
At the time of writing, GBP/USD is holding lower ground near monthly lows of 1.2383 on the above comments, losing 0.40% so far.