The MPC's decision to hold the Bank Rate at 4.75% reflects ongoing concerns about inflationary pressures, necessitating a gradual easing of policy restrictions.
The MPC's vote was not unanimous, with a surprising dissent from Dhingra, Ramsden, and Taylor, who collectively pushed for a 25bp cut.
The forward guidance from the MPC emphasizes a 'gradual' approach to easing policy restrictions, ensuring that rates remain 'restrictive for sufficiently long'.
Looking forward, the expectation is for a 25bp cut at the February meeting, contingent upon progress in disinflation as economic momentum shows signs of stalling.
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