BOE: Mann sounds a lot less hawkish; don't rule out her voting for a Nov cut

Mann sounds a lot less hawkish here than she has in previous speeches. Note that she was always in favour during the hiking cycle of a more aggressive and fast paced increase in Bank Rate, making the point that if needed these hikes could be quickly reversed,

• Now her view seems to be that we are close to cutting but she would prefer to hold rates higher a little longer to be sure before potentially embarking on a more aggressive cutting cycle.
• There is now uncertainty over her November vote. She may vote for a cut then - no one would have expected that before this speech. It shouldn't change the outcome in November.
• However, if she does think that a more aggressive cutting cycle is appropriate at some point, she could quickly switch from being one of the most hawkish to one of the most dovish MPC members quite quickly.
• Note that Ramsden was previously seen as a hawk and is now one of the more dovish members - we have previously described him as more "activist". Mann is also potentially in that boat soon...