- Vote against interest rate cut was a 'skip' within a continuing withdrawal of monetary policy restriction.
- Inflation pressure indicators give me cause for concern.
- Quarterly pace of 25 bps cuts seen since last summer is too rapid given the inflation outlook.
- My dissenting vote was favouring a 'skip' in the quarterly pattern of bank rate cuts.
- It should not be seen as favouring a halt to withdrawal of restriction.
- Structural changes in price and wage setting behaviour have increased the intrinsic persistence of the UK inflation process.
- Pace of quarterly cuts too rapid given the balance of risks to price stability we face.
- Believes that the underlying disinflation process remains intact.
- Prospective path of bank rate from here is downward.
- My dissent from that decision does not reflect a fundamental difference with the committee majority.
- We now need cautious cuts.
This is not new as Pill already mentioned last week that he wants to go more slowly on rate cuts now given the uncertainty.
BoE's Pill
