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Broadbent notes 2-year mortgage rates "have fallen a lot"

BOE
  • Bailey says key thing they look at is persistence of inflation. Inflation has come down but don't expect it to stay at 2% for a sustained period yet. Need to see evidence of persistence of inflation easing - particularly services.
  • Broadbent notes that looking at real interest rates is more appropriate than using headline inflation. Says on the mortgage market it is 2 year rates that matter the most - and those have fallen a lot. So doesn't think it's fair to say degree of restrictiveness has increased as inflation has come down.
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