Carney Speech: Any rate hikes are expected to be gradual and limited

The Bank of England Governor Mark Carney is delivering his speech at the 2017 Michel Camdessus Central Banking Lecture at the IMF Headquarters in Washington DC with the key quotes, via Reuters, found below:

• MPC majority view that some withdrawal of stimulus likely to be needed in coming months if slack continues to be run down
• Monetary policy may have to "move in order to stand still" due to possibility that global equilibrium interest rates are rising
• De-integration effects of Brexit are likely to be inflationary
• Main question about Brexit's impact on inflation is extent to which it has been brought forward
• Some of the disinflationary shock to demand has been deferred while most inflationary channels have begun to appear
• Reiterates that any rate hikes are expected to be gradual and limited
• Any loss of trade openness with EU after Brexit is unlikely to be immediately compensated by ties with new partners
• Lower immigration due to Brexit could contribute "more materially" to inflation pressure in short-term, only modest impact in long-term