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Significant dovish shift

BOE
  • Significant dovish shift there. No more hawkish dissenters and explicit mention by Bailey in an attached statement that "we're not yet at the point where we can cut interest rates" although he accepted we are moving in the right direction.
  • This line also dovish (said by Pill in a speech since the Feb meeting but first time it's been in the statement): "The Committee recognised that the stance of monetary policy could remain restrictive even if Bank Rate were to be reduced, given that it was starting from an already restrictive level."
  • Dec24 SONIA futures spiked from 95.62 to 95.70 (back to 95.665 at writing).
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