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Bailey asked if he will rule out March cut (like Powell)

BOE
  • Bailey says he won't speculate on the next meeting and will have 2 more sets of labour/inflation data at the next meeting so will have far more information by March. Notes that it's important that the framework they look at this in has changed - as noted by the change in language.But says on persistence - need to see more evidence.
  • Broadbent says its not about how hard to get inflation from 4% to 3% is easier than 3% to 2%, its about looking at the root of this.
  • Ramsden adds that compared to last summer when inflation was still significantly higher, the worry about inflation becoming embedded in price and wage settings, have reduced the persistence assumptions in the forecasts. Still think second round effects will take longer to come out than they did to emerge.
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