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Asked what it takes to cut rates

BOE
  • BOE asked what it will take to cut rates, do things need to be better than forecast or just in line?
  • Broadbent says we have "2 book ends" of constant rates and market rate. Says looking at constant rates inflation falls below target. So don't need rates to remain where they are, but as you can see from the vote some members think there could be more persistence. Says need more confidence on persistence to see a cut.
  • Bailey notes we don't need to see inflation back at target, but need to see a sufficient level of confidence it's going there.
  • Ramsden notes that inflation could be higher in January e.g. Due to airfares.
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