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BOE: Mann due to speak tomorrow at 8:45GMT: A dove now, but for how long? (2/2)

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  • However, it was also qualified that Mann thought that the 50bp cut was appropriate at “this meeting” – indicating that she may not repeat a vote for the same magnitude of cut at future meetings. The full part of this passage in the Minutes noted that “a more activist approach at this meeting would give a clearer signal of financial conditions appropriate for the United Kingdom.”
  • The wider MPC updated its estimates for the neutral rate (model-based estimates suggest 2.25-3.75%) but it is not clear exactly where Mann believes the neutral rate will be and whether she fully endorses this range. If she does, after last week's cut we are only 75bp away from rates potentially not being restrictive any more.
  • She is due to deliver a speech entitled “Economic Prospects” at Leeds Beckett University tomorrow at 8:45GMT and we will be watching this closely for any hints surrounding her voting intentions past the next couple of meetings.
  • There is a link to register for virtual tickets for the speech here.
  • For more on our interpretation of last week's BOE meeting, see our BOE review here.
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  • However, it was also qualified that Mann thought that the 50bp cut was appropriate at “this meeting” – indicating that she may not repeat a vote for the same magnitude of cut at future meetings. The full part of this passage in the Minutes noted that “a more activist approach at this meeting would give a clearer signal of financial conditions appropriate for the United Kingdom.”
  • The wider MPC updated its estimates for the neutral rate (model-based estimates suggest 2.25-3.75%) but it is not clear exactly where Mann believes the neutral rate will be and whether she fully endorses this range. If she does, after last week's cut we are only 75bp away from rates potentially not being restrictive any more.
  • She is due to deliver a speech entitled “Economic Prospects” at Leeds Beckett University tomorrow at 8:45GMT and we will be watching this closely for any hints surrounding her voting intentions past the next couple of meetings.
  • There is a link to register for virtual tickets for the speech here.
  • For more on our interpretation of last week's BOE meeting, see our BOE review here.