1/3  BIS - Central bankers' speeches  Based on these assessments, the Governing Council concluded that a further modest increase in the policy rate is appropriate. The Bank's ongoing program of quantitative tightening is complementing this restrictive stance. We know it takes time for higher interest rates to work through the economy to slow demand and reduce inflation.
And given the speed and magnitude of the interest rate increases over the last year, their full effect is still to come. We can also see that the interest rate increases we've undertaken to date are already working. Higher rates are slowing household spending, and inflation is coming down.