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BOE: Mann says she did "contemplate" voting for a cut in August

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Initial highslights from her speech:

  • "I judged that there were upside risks to demand via market sector output and public sector wage agreements. Inflation persistence in wages and services prices continued to be reflected in data and model decompositions (as shown Charts 7 and 9). Remaining on the 5.25 percent Bank Rate plateau for some time longer and then cutting more aggressively, an ‘activist’ strategy to monetary policy that I outlined the last time I talked about spillovers (Mann, 2022), would have helped to reinforce the deceleration of inflation to the 2% target sustainably in the medium-term."
  • "In August, I did contemplate a cut at that meeting, as the bite from housing costs was becoming deeper and more widespread but was dissuaded by the balance of factors already mentioned, as well as a generalized easing in global conditions that affected UK rates too."
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Initial highslights from her speech:

  • "I judged that there were upside risks to demand via market sector output and public sector wage agreements. Inflation persistence in wages and services prices continued to be reflected in data and model decompositions (as shown Charts 7 and 9). Remaining on the 5.25 percent Bank Rate plateau for some time longer and then cutting more aggressively, an ‘activist’ strategy to monetary policy that I outlined the last time I talked about spillovers (Mann, 2022), would have helped to reinforce the deceleration of inflation to the 2% target sustainably in the medium-term."
  • "In August, I did contemplate a cut at that meeting, as the bite from housing costs was becoming deeper and more widespread but was dissuaded by the balance of factors already mentioned, as well as a generalized easing in global conditions that affected UK rates too."