BoE's Mann says "we are getting close to some sense of where monetary policy is balanced between the inflation objective and full employment"

• Unemployment rate has gone up, and that is very much of a concern.
• On January inflation data, says, these are good numbers from a headline perspective and also from core.
• With respect to core inflation, not quite as good as "we" had hoped to see.
• Hard to tell whether 2% inflation that we are likely to see in the next few months is in fact a sustainable 2%. 

Mann's comments suggest the Bank of England is at a critical juncture, balancing its inflation targets with the rising unemployment rate, indicating a more complex policy environment. The acknowledgment of recent inflation data, particularly core figures not meeting expectations, signals a potential cautious stance on future rate hikes. This could imply greater market volatility in GBP and fixed income as participants reassess the monetary policy trajectory in light of these concerns.