MNI BRIEF: BOE Rate Cut Closer But Still Some Way Off - Pill

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SONIA / gilts lower and GBP stronger as no more dovish dissenters emerge

BOE
  • The main takeaway for me is there were no dissents for less than 50bp (outside Teyreryo and Dhingra) and "forceful" was dropped.
  • New guidance: "continue to monitor closely indications of persistent inflationary pressures ...... If there were to be evidence of more persistent pressures, then further tightening in monetary policy would be required."
  • That's a step down in hawkishness but not as much as we were expecting given the vote split. And given the morning's market moves probably more hawkish than the market expected too. Initial market reaction sees gilts and SONIA futures lower with GBP reversing earlier losses.
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