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BOE: Greene sounds as though quarterly cuts remain her base case for now

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We think there are few surprises in Greene's Annual Report. We would interpret the following as being consistent with her supporting a quarterly cut path in the short-term:

  • "It’s less likely inflation persistence will fade on its own accord, and more likely monetary policy will need to remain restrictive in order to either generate a negative output gap to bring inflation to target sustainably or to lean against structural shifts in the economy. While the disinflationary trend is broadly intact, I believe it is appropriate to maintain a cautious and gradual approach to removing monetary restrictiveness."
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We think there are few surprises in Greene's Annual Report. We would interpret the following as being consistent with her supporting a quarterly cut path in the short-term:

  • "It’s less likely inflation persistence will fade on its own accord, and more likely monetary policy will need to remain restrictive in order to either generate a negative output gap to bring inflation to target sustainably or to lean against structural shifts in the economy. While the disinflationary trend is broadly intact, I believe it is appropriate to maintain a cautious and gradual approach to removing monetary restrictiveness."