他还说，政策变化的时间和速度不是由市场预期决定的，而是MPC平衡风险的决策。
The timing and speed of policy changes will not be set by market expectations but by how the MPC sees the balance of risks, he said.
这种变化可能令市场根据政策预期的调整，降低长期利率水平。
Such a change would presumably lower longer-term rates by an amount related to the revision in policy expectations.
但是报告仍然表示，央行货币政策委员会首次顺应市场预期准备好收紧而不是放开以后两年的政策。
But the report nevertheless represents the first time the Bank's MPC has endorsed market expectations that it is poised to start tightening, rather than loosening, policy in the next two years.
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