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Breeden gives away little on her own views but could influence model changes

BOE
  • Breeden gave little away about her individual views on monetary policy, instead sticking to the party line of what the BOE's forecasts were and saying that she agreed with the BOE's existing models on the transmission mechanism. The first half of the hearing she sounded very much like she would just vote with the other internal members without much input.
  • However, where she feels she can make a difference is to help to incorporate some of the behavioural aspects into the Bank's models. And she elaborated on this by noting that there were differences between how hikes impacted different households' behaviours differently.
  • Overall, she does seem to be largely in line with other internal members on the MPC and doesn't seem as though she will be a huge outlier - but it also seems as though her influence will likely grow as time goes on towards helping steer those other internal members.
  • She will observe the discussions for the September MPC decision and be actively involved and then have a vote for the November decision.
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