The Bank of England kept its interest rates unchanged Thursday but appeared to hint that another rate hike in May was possible as inflation remains high.
The minutes to the meeting showed that two of the nine members on the Monetary Policy Committee backed an immediate quarter-point increase to 0.75 percent.
However, naturally inflation has begun to fall, but does still sit above the Bank of England's 2% target.
Its report said: "As in February, the best collective judgement of the MPC remains that, given the prospect of excess demand over the forecast period, an ongoing tightening of monetary policy over the forecast period will be appropriate to return inflation sustainably to its target at a more conventional horizon".
Retail sales grew by 0.8 per cent in February, having fallen by 0.2 per cent in January.
Pound to Australian Dollar Exchange Rate Forecast: Will GBP/AUD Rise Further on BoE Interest Rate Decision?
Marches against gun violence happening across the Bay Area
The video was then shared on Twitter by a Parkland shooting survivor and within 24-hours the video had received 250,000 views. The event is being funded by celebrities, including Oprah Winfrey, Steven Spielberg and George Clooney.
The BoE raised the base rate for the first time in a decade back in November, taking it up by 25 basis points to 0.50%, citing inflation of 3% and the need to return the consumer price index to the 2% target.
A prolonged spell of snow and ice battered the United Kingdom at the start of the month before a second wave hit last weekend, though Bank officials admitted the effects on the economy will only be temporary.
"The rate rise at the end of a year ago meant some people now pay more on their mortgage".
The UK´s unemployment rate has meanwhile dipped, reverting to the lowest level since 1975, after a brief rise.
"The transition deal extends the period of uncertainty, but also pushes any significant economic hit into 2019 and beyond", said Professor Peter Urwin of Westminster Business School, who is one of the few Bank of England watchers who sees a chance of three rate rises this year.
Did Meghan Markle Just Drop Her Own Royal Baby Hint?
Another source further noted that the royal family is "embracing" Meghan ahead of her wedding to Harry on May 19. I wonder if he has witnessed bath time with his nephew [Prince George] or niece [Princess Charlotte].
But economists believe it could add to the argument for raising rates sooner rather than later.
Both Saunders and McCafferty saw "widespread evidence that slack was largely used up and that pay growth was picking up, presenting upside risks to inflation in the medium term", the minutes noted.
However, Neil Jones, head of hedge fund FX sales at Mizuho Bank, said the pound fell after the initial jump because the BoE had reiterated that rate hikes would be "gradual".
Frances Haque, Santander UK chief economist, said: "The MPC's decision is very much as expected, with the consensus view being that the MPC will wait until May at the earliest before making any additional increases".
Q&A What is the monetary policy committee?
'It will take at least a year of continued jobs growth before we use up all the spare capacity in the labour market and start to see upward pressure on wage growth.
Why All Americans Should Care About President Trump's Tariffs Against China
Another administration official said China benefits far more from the US-China trade relationship than the US does. Wall Street had an ugly day Thursday, nose-diving more than 700 points after Trump signed the China tariffs .
"It is very hard to read into these minutes any clues that the MPC is trying to downplay a May rate hike", he said.