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Ramsden says more likely than not Bank Rate will need to be raised further

BOE
  • First glance from that Ramsden Reuters exclusive:
  • It's not a great surprise that Ramsden has said that he thinks more rate hikes are likely - and it's also not a surprise he says he hasn't yet made his mind up on this - that kind of optionality is often left in by central bankers.
  • Perhaps the more significant news is that he is acknowledging that Bank Rate could be cut next year, potentially "quite quickly". That QT could potentially continue alongside isn't a big surprise given that the BOE has said that's not the primary monpol tool and is running in the background.
  • All in all, I don't think we have learnt much more from Ramsden. He hasn't said anything about the magnitude of the next hike, he has left some optionality to not voting for a hike - which on the margin is a little dovish - but only on the margin.
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