BoE's Pill says in the past the BoE has perhaps put too much weight on inflation being at target as opposed to future risks

• Bearing down on inflationary pressures remains necessary, while there is still work to do. Underlying inflation seems to be in a 2.5-3.0% range.
• Need to see more progress on the indicators of underlying inflation. On balance, risks are still to the upside on achieving the inflation target, means there is caution in a further reduction in policy rates.
• Share a lot of the same views as Greene.
• Personal focus has been on the underlying components of inflation.

The remarks from BoE's Pill suggest a cautious stance on cutting policy rates, emphasizing the need for progress on inflation indicators. This highlights that while inflation is at target, upside risks remain significant, indicating that traders should be wary of a sustained dovish environment from the BoE. The emphasis on underlying inflation components may influence market expectations for future monetary policy actions.