- Our commitment to the 2% inflation target is unwavering.
- It is good we have a diversity of views on MPC.
- We will use scenarios as vehicles for exploring risks around the baseline and accomodating differences of views on the committee.
- The latest choice of BoE scenarios does not mean inflation risk skewed in one direction.
- We are on course to put inflation surge firmly behind us.
- Global economic environment is likely to continue to be challenging and less predictable that it was in the past.
- UK-US trade deal will leave effective tariff rate higher than where they started.
As a reminder, the BoE cut the bank rate by 25 bps as expected yesterday with a “more hawkish” vote split as two members, including BoE’s Mann, voted for no change. The market now sees a less dovish path for the central bank with 56 bps of easing priced in by year-end.
This article was written by Giuseppe Dellamotta at www.forexlive.com.
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