Bank of England Monetary Policy Committee member Catherine Mann said that the policy stance was still loose and that further tighteningfinancial conditions that are now looser than what likely will be needed to moderate the embedding of on-going inflation was needed.

In a speech at the Resolution Foundation Mann looked at the pass through from rate hikes to financial conditions and concluded that financial conditions were insufficeintly tight to moderate wage and price setting and to get inflation back sustainably to target.

I" believe that more tightening is needed, and caution that a pivot is not imminent," she said, tilting against the idea that rates could be rapidly lowered following any further appreciation. Mann has consistently been at the most hawkish end of the MPC, arguing in favour of rapid tightening to crush elevated inflation expectations.