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MNI BoE Review - September 2024: "Gradual" Just Means Not 50bp

The word "gradual" was added to guidance. We think it acts as guidance that the BOE will not follow the Fed's 50bp cut.
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MNI (LONDON) - EXECUTIVE SUMMARY: 

  • There was nothing in the Statement / Minutes to provide much of a future steer (other than to rule out 50bp).
  • The word "gradual" was added to guidance. Without reading the Minutes you could misinterpret that as guiding closer to a quarterly pace. However, Dhingra's vote for a sequential cut was also described as "gradual." 
  • We round up the other important parts of the meeting as well as over 20 sellside reviews.

FOR THE FULL PUBLICATION PLEASE USE THE FOLLOWING LINK: MNI BoE Review - Sep24.pdf

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MNI (LONDON) - EXECUTIVE SUMMARY: 

  • There was nothing in the Statement / Minutes to provide much of a future steer (other than to rule out 50bp).
  • The word "gradual" was added to guidance. Without reading the Minutes you could misinterpret that as guiding closer to a quarterly pace. However, Dhingra's vote for a sequential cut was also described as "gradual." 
  • We round up the other important parts of the meeting as well as over 20 sellside reviews.

FOR THE FULL PUBLICATION PLEASE USE THE FOLLOWING LINK: MNI BoE Review - Sep24.pdf