BoE: Risks to economy seen in either direction

Key highlights from BoE's monetary policy summary (via LiveSquawk)

• Statement sticks close to February QI report assumptions
• Monetary policy can respond in either direction
• Risks to economy seen in either direction
• Still appropriate to look through likely near-term overshoot in prices
• MPC notes subdued pace of wage growth compared to inflation expectations
• Policy path will depend on outcome of supply, demand and exchange rate
• Measures of overall activity remain resilient
• Likely inflation overshoot almost entirely down to sterling depreciation
• There are limits to tolerance of above-target inflation
• MPC points to weak economic data as reason for short/long-term sterling interest rates