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What happened to the communication? (2/2)

BOE
  • And of course, who can forget that markets were fully expecting a hike in November after communications particularly from Governor Bailey, which the Bank argued were misinterpreted by markets, rather than poorly communicated from the Bank.
  • Perhaps the Bank has come to a view that unless there is something that the market is doing seriously wrong, it will allow inter-meeting volatility to run its natural course. Indeed, expectations have been more stable in the run-up to the February meeting than they had been in the run-up to either the November or December meetings.
  • So could this be a new normal? Only time will tell, but it certainly seems as though the lack of communication since December has been deliberate on the MPC's part rather than an oversight. Indeed, the data has done the talking with inflation surprising to the upside again and labour market data remaining strong. If the Bank intends to hike in November, there really has been little reason to rock the boat and risk the market pricing in too much.
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