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MNI BoE Review-Dec 2024: 3 Dovish Dissenters

There was a surprise in the vote split with both Ramsden and Taylor joining Dhingra in voting for an immediate 25bp cut.
Central Bank ReviewBoE- ReviewCEEMEACentral Bank ReportsUKMarketsStory
MNI (LONDON)
  • The Bank of England’s MPC voted to keep Bank Rate on hold at 4.75% on Thursday with the guidance largely unchanged.
  • However, there was a surprise in the vote split with both Ramsden and Taylor joining Dhingra in voting for an immediate 25bp cut. 
  • The MPC were largely dismissive of higher wage growth and continue to look for "gradual" cuts.
  • We don't think the extra dissenters now change the course for the BOE; we expect they would have looked for sequential cuts early in 2025 anyway.

FOR THE FULL PUBLICATION PLEASE USE THE FOLLOWING LINK: MNI BoE Review - Dec24.pdf

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MNI (LONDON)
  • The Bank of England’s MPC voted to keep Bank Rate on hold at 4.75% on Thursday with the guidance largely unchanged.
  • However, there was a surprise in the vote split with both Ramsden and Taylor joining Dhingra in voting for an immediate 25bp cut. 
  • The MPC were largely dismissive of higher wage growth and continue to look for "gradual" cuts.
  • We don't think the extra dissenters now change the course for the BOE; we expect they would have looked for sequential cuts early in 2025 anyway.

FOR THE FULL PUBLICATION PLEASE USE THE FOLLOWING LINK: MNI BoE Review - Dec24.pdf