BoE's Greene says continue to believe should proactively lean against the risk of second-round inflation effects and risk of second-round effects greater than they thought

• Wage disinflation appears to have stalled at levels above those consistent with inflation at 2%.
• Labour market slack might have hit its peak.
• Economy has shown surprising resilience.
• Forward-looking data point to pay growth closer to 3.5%.

Greene has sat consistently on the hawkish end of the MPC spectrum through this easing cycle, so remarks of this kind are in character and carry less surprise value than the same language would from a centrist voter. The substantive signal is the framing: a stalled wage disinflation narrative plus an assertion that slack may have peaked reads as a challenge to the case for further cuts, and the cited forward pay growth estimate sits well above anything consistent with target. Comments framed around second-round effects and proactive leaning have historically marked members arguing for holding or slowing the pace of easing rather than accelerating it, which tends to reprice the front end of the gilt curve and the short sterling strip rather than the long end. The distinction worth drawing is between a member defending a pause and one building the case for a hike; proactive leaning language sits closer to the latter rhetorically, though single-member commentary has rarely shifted the path unless the median voter moves. What follows of note is whether the language is echoed by other MPC members ahead of the next decision and how it sits against the next wage and services inflation prints, which is where the committee's centre of gravity gets tested.