GBP/USD, EUR/GBP flows: MPC's Greene more hawkish, but no great surprise

Not a great surprise but MPC’s Greene's speech strikes a more hawkish tone, noting there are benefits in acting sooner rather than later, the risks of acting even if inflation proves less persistent are less than the risks of failing to act, and the case for acting increases as the conflict wears on - tightening over ‘next few weeks or months’ may be necessary. Suggests may be willing to join the minority for a hike in June or at least July without any change in events.

No real impact seen as this tone was to be expected - and the more wait and see dovish tone from Bailey prevails for now. But reminds that views are split and enough to temper too much of a further retreat in money market pricing.