Bailey speech: Rates are likely to remain around current levels

Bank of England (BoE) Governor Andrew Bailey reiterated on Wednesday that interest rates are likely to need to remain around current levels, per Reuters.

Bailey noted that the outlook for inflation is still uncertain and added that they will remain vigilant to financial stability risks that might arise. He also said that the path of the Chinese economy is a key uncertainty.

Market reaction

These comments don't seem to be having a significant impact on Pound Sterling's performance against its major rivals. As of writing, GBP/USD was virtually unchanged on the day at 1.2595.