FT Interview with BoE MPC's Dhingra Cements Her Dovish Stance

Dhingra piece in FT here: https://www.ft.com/content/37d4d2f9-11d1-444e-90a9...

• The data points that was important for me is that it’s now almost six months since we’ve seen consumer price inflation turn and in a pretty firm way.
• The fall in retail sales is pretty convincing. If anything, I think it was a bit unexpected. So I’m not fully convinced there’s some kind of really sharp excess demand in the economy coming from the consumption side.
• I think broadly, the goods price deflation is going to be big enough that the services price inflation, even with some stickiness, is just about enough to get back to target inflation.
• I don’t necessarily buy the argument that you need to wait simply because cutting now sends the wrong message or a policy reversal is a bad thing.
• Where I differ from the committee was, I think a more moderate path of rate changes would be better, it’s easier to adjust from that. Otherwise, we’re going to have to make bigger adjustments.

Little new specific details - clear that Dhingra sat on the dovish side of the MPC spectrum after last week's vote for a cut - here she explains and cements her views. Little read through for GBP or BoE pricing - GBP/USD remains just above unchanged, but well off earlier highs of 1.2565.