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Very close to consensus expectations

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  • A 5-4 vote for a 25bp cut as was the modal expectation - with "some of the members" who voted for a cut seeing it as "finely balanced". Some of those members noted that "Inflationary persistence had not yet conclusively dissipated, and there remained some upside risks to the outlook."
  • Guidance was linked to deciding the appropriate degree of restrictiveness at each meeting - leaving the door open and not precommitting to anything.
  • "Restrictive for sufficiently long" remained - as expected
  • "It is now appropriate to reduce slightly the degree of policy restrictiveness." This was very close to our expected line.
  • Overall, this is probably as close to consensus expectations as possible - and evidenced in the lack of large market moves.
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  • A 5-4 vote for a 25bp cut as was the modal expectation - with "some of the members" who voted for a cut seeing it as "finely balanced". Some of those members noted that "Inflationary persistence had not yet conclusively dissipated, and there remained some upside risks to the outlook."
  • Guidance was linked to deciding the appropriate degree of restrictiveness at each meeting - leaving the door open and not precommitting to anything.
  • "Restrictive for sufficiently long" remained - as expected
  • "It is now appropriate to reduce slightly the degree of policy restrictiveness." This was very close to our expected line.
  • Overall, this is probably as close to consensus expectations as possible - and evidenced in the lack of large market moves.