- But that doesn't always mean the descent has to be slow
- There may be circumstances when it could be slower than expected
- But there will also be times when conditions require the pace of rate cuts to quicken
- Risks to hitting 2% inflation are no longer just to the downside, they are two-sided
- But the core disinflationary process remains intact
- Less certain now about the outlook of the labour market compared to last year
This mostly just echoes the communique from Bailey after the decision earlier this month. The suggestion remains that the BOE is likely to pause next month before heavily considering the next rate cut to be in May again.
