Ahead of the meeting yesterday, Morgan Stanley noted that:
"Our base case is for the next move in February, although the risks of a cut in 4Q are high – not just due to how close the debate and the vote split on the MPC might be next week, but also given our forecasts for weak growth and a rising unemployment rate into the December meeting. In addition, we see fiscal risks as receding – there might not be much need to wait until February to digest a straightforwardly contractionary Budget."
So, it's just a minor shift forward in the timeline as they see the balance of risks calling for a quicker pace of rate cuts - at least when compared to their earlier projection. As a reminder, Morgan Stanley is forecasting a terminal rate of 2.75% - one of the lower ones among all other analysts.
