Dhingra to continue to vote against hikes (but no indication of cuts)

There's not much in Dhingra's Annual Report that will change the market's view of the MPC. She is an outlier in her views and there's nothing in here to suggest she would vote for a cut but it's clear she will continue to vote against further rate hikes. Highlights below:

• "Policy is already sufficiently restrictive, and the lagged effects of further tightening pose serious risks of output volatility in order to make a small dent on inflation."
• "The duration of our restrictive stance is important, and I have argued that our communications should seek to emphasise this aspect of monetary policy and to reduce volatility arising from month-to-month news. The imprecision of economic forecasts further out in time and the volatility in monthly movements of many economic indicators also needs to be strongly reiterated in communications to the media, financial markets and policy circles"

Her full annual report is here.