The Bank of England voted to hold rates steady at 4.75% as expected, but with a much smaller majority than expected at 6-3.
The MPC appears to be much more divided than the market was expecting, with Ramsden and now Taylor joining Dhingra in voting for a rate cut.
There are many factors for the BoE to weigh next year that make the path so uncertain: the underlying path of services inflation and wage growth.
Markets are rightly pricing in some extra easing for 2025, which is weighing on the pound, reflecting the slow inflation progress and incoming budget stimulus.
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