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A new era of more frequent communication? (2/2)

BOE
  • The main question this raises: Are the MPC really uncomfortably with the number of cuts being priced in or are they communicating so frequently so as to stop a more aggressive rate cut path being priced for 2024 (which would therefore mean policy is less restrictive now).
  • It only seems to be Mann (who has previously conformed more to Matterhorn) and Dhingra (who has serially dovishly dissented) that have now not publicly backed the Table Mountain view.
  • We would also note that during the hiking cycle, MPC communication was a lot more sparse (and this dry spell of communication seemed to follow a Broadbent speech that said market participants overreact to MPC comments and don't interpret data enough themselves). It appears we are now in a new era of communication.

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