Thank you very much to our hosts here at the Cardiff University Business School today. It is an immense pleasure to be here – as a Cardiffian, close to home – on St. David’s Day: a fortuitous combination of timing and geography. In my remarks this afternoon, I will first discuss the design and performance of the strategy that has guided monetary policy decisions in the UK, both over the past quarter century of inflation targeting and more specifically in the recent more challenging period of elevated inflation and inflation risk. I will then turn to the current policy conjuncture. What is a strategy? The Oxford ... (full story)