BoE's Carney: Point where rates should rise is moving closer

FXStreet (Łódź) - Testifying before the UK Parliament's Treasury Committee on the August BoE inflation report, the central bank's governor Mark Carney says that the MPC is aiming at eliminating spare capacity.

• There is no fixed path for the bank rate, Carney emphasizes.

• Rates to stay "materially below" historical average.

• BoE's Miles says that there is no immediate urgency to start normalizing monetary policy, while Carney says that the point where rates should rise is moving closer.

• New ONS GDP revisions do not suggest less slack, Carney remarks.