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Ramsden's speech less hawkish than previous comments

BOE
  • Ramsden is one of the more hawkish MPC members (having hawkishly dissented in September looking for a 75bp hike against the 50bp delivered and voting in line with the 75bp hike in November).
  • His speech today suggests he will continue to look for at least another 50bp hike in December (the minimum bar for forceful). He also specifically alludes to a tight labour market and high services inflation as things he is watching.
  • However, introducing talk of potential cuts down the line is a dovish development. He is also questioning the timelag of how quickly monpol passes through to the real economy - and notes that it could be shorter/longer than 18-24 months. If shorter then presumably less is needed to be done in terms of future hikes.
  • There is also nothing in here to suggests whether he is leaning to 50/75bp in December.
  • Overall given his previous communications and given he is one of the most hawkish MPC members, these comments are a move in a slightly more dovish direction.
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