"An ongoing tightening of monetary policy over the forecast period would be appropriate to return inflation sustainably to its target at a conventional horizon", the BOE said.
He said yesterday that the bank's earlier guidance on tighter policy had been conditioned on February inflation projections but the economy had not fulfilled those conditions.
Investors were disappointed that the BoE had stepped back from tightening monetary policy once again, although the recent weaker-than-expected first quarter United Kingdom data encouraged this lack of action.
How the Bank now sees inflation playing out over the next three years.
Seven out of nine of the MPC members voted to keep the base rate on hold.
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Practically, this largely involves the Bank adjusting interest rates to try and keep inflation at, or as close to, a target of 2%.
This would suggest that policymakers don't have any more of a clue about what is happening in the United Kingdom economy than they had three months ago, and appear to be trying to fine tune their data on a month on month basis.
Chris Williamson, chief business economist at IHS Markit, said the fact that the Bank kept its medium-term outlook unchanged 'leaves expectations alive for rates to rise later in the year'.
The Monetary Policy Committee has today chose to keep the Bank of England base rate at 0.50%, with seven committee members voting to keep it on hold, and just two wanting to raise it.
This seems hard to square with the recent weakness in the pound when set against a 60% rise in Brent crude prices since last summer.
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The Bank has also cut its growth forecasts predicting that the economy will only grow by 1.4% this year, down from 1.8% expected just three months ago.
The coming week's data may prove a drag on the Euro to Pound (EUR/GBP) exchange rate, as slower GDP growth is forecast in Germany and the Eurozone.
An unexpectedly sharp widening of the United Kingdom visible trade deficit has put additional pressure on the Pound to Euro (GBP/EUR) exchange rate ahead of the latest Bank of England (BoE) policy announcement.
The MPC forecast GDP growth averaging 1.75 percent for each of the years up to 2020. In April, Carney suddenly intervened to say there were "other meetings" when an increase might come.
The pound was hit by the Bank's downbeat assessment of the United Kingdom economy - revealed in the quarterly inflation report it published alongside its rates decision today - which implies that a rate rise in the coming months is unlikely. The fixed rate market has had the largest boost, with competition among newer banks and higher swap rates fuelling the rise. "Despite the predicted drop in inflation, this announcement is likely to receive a less than warm reception from high-street savers, who are seeing the value of their hard-earned money decreasing each day through inflation - and of course, many banks will not pass all or any of this rise on to savers".
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