Central banks can have two responses to a tightening economy, they could either hike earlier and more gradually, or later and not quite so gradually. The former was BoE's likely approach six months ago, but as we stand today, the latter seems more closer.

On the other hand, the Fed has already given its first hike and robust US data gives the Fed scope to continue along the rate hike path. Different responses from the Fed and BoE to a similar economic outlook suggests a strategic divergence between the two banks. BoE may be questioning Phillips Curve relationships more than the Fed.

Comments from Minouche Shaffik and Martin Weale also suggest an increasing preference for wait and see, which contrasts with the Fed. That might reflect just the shifting pros and cons of earlier vs later hikes, as the inflation outlook has shifted. But the tone of the speeches suggests that increasing faith in a "lower for longer and not quite so gradual hike" policy.