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- First glance the vote split is hawkish and the 2y inflation forecasts seems higher than expected (although there is a low 3y forecast here).
- However, looking at the wording of this line it's more on the dovish side: "Most members of the Committee judge that some degree of further tightening in monetary policy may still be appropriate in the coming months."
- The fact that has to be clarified as "most members" suggests that even though we saw no votes for unchanged rates today, we will likely get some in June. The question is how many...
- Gilts and the SONIA strip originally moved lower, but are now reversing those moves and moving higher.
- Jun-22 SONIA is 7 ticks higher than pre-decision, Dec-22 6.5 ticks higher and Dec-23 8.5 ticks higher.
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.