Markets will be assessing United Kingdom industrial production, manufacturing production, construction output and the UK's trade balance, with markets expecting a slight drop in the UK's trade deficit from -£2804 to -£2400.
The projection now is that the next interest rate rise could be in May. Already market expectations are outpacing the bank's revised forward guidance for three rate hikes over three years. In addition, as we mentioned, the current meeting came at an interesting period in the financial markets where volatility has risen and the global stock markets.
Although British inflation has been running well above its 2 percent target, due in large part to the fall in sterling after the Brexit vote, the BoE has raised rates only once so far since the 2007-09 financial crisis - in November - while the U.S. Federal Reserve has raised them five times.
The rate-setting committee said that it now wanted inflation to return to target over a "more conventional horizon" of two years, rather than three. This language was similar to that of their September meeting which came a month before the first hike. "Monetary policy would need to be tightened somewhat earlier and to a greater extent over the period originally forecast", said Carney.
It also expects inflation to remain at around December's 3% level for a little while longer as robust oil prices feed into the calculation and as stronger demand and weaker supply in the economy increases inflationary pressures.
Though the anticipated growth level is modest in historical terms, it is expected to push up inflation gradually.
Consumer Price Index (CPI) inflation was 0.5 percent at the time of the Brexit referendum vote in June 2016, and the surprise vote by Britain to quit the European Union (EU) deeply troubled foreign exchange markets who sent sterling into a sharp downward plunge from 1.48 USA dollars to 1.22 US dollars.
THE BANK of England upgraded its growth prediction for the British economy this week - becoming the latest forecaster to make a dramatic U-turn on doom-mongering Brexit warnings. They wanted to hear whether any committee member would dissent and bring more hawkish views.
GETTYThe pound US dollar exchange rate is currently at around $1.139
Unemployment is at its lowest for 43 years and, finally, wages are starting to pick up - as one would expect when the jobless rate is so low.
It points out that the United Kingdom economic engine still "remains restrained by Brexit-related uncertainty" which is "the most significant influence on the economic outlook".
In these circumstances, we expect the pound to continue trading at stronger levels in the near-term against both the euro and U.S. dollar.
Sterling rose from $1.3877 at the start of trading to $1.3946 by close on Thursday, having briefly passed the $1.40 mark.
The World Bank upgraded their forecasts for United Kingdom growth over the next three years - by half a per cent in 2017 and smaller rises in 2018 and 2019.
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In the press conference, Carney made it clear that the rate hike program, which is two years behind the Fed, would be better for jobs and maintaining the inflation rate.