BoE's Pill says they were short of specific evidence on second round effects. But, a decision to raise rates in a pre-emptive manner is in character. Different views and nuances were around the decision

Newsquawk Staff · 6 Nov 2026, 13:03 UTC

Pipeline price pressures from energy.
There is no preset arrangements for next year's rates. The outlook will become more uncertain from the spring.
It is possible that Bank Rate would stay on hold or even fall if we saw a stalling of growth next year.
Key determinant will be margin squeeze on Cos. and how Cos. react.

What our morning note said

Rates and central banks · about 2 hours before this headline

Fiscal policy has been more expansionary than expected this year, but is expected to be less so in the next years.

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Iranian President Pezeshkian says the Supreme Leader has granted the government some authority on dialogue, ISNA reports.
EUR/USD+0.1%
ECB policymakers see a December rate hike followed by a pause; New ECB staff estimates show the rise in bond yields cutting growth by a cumulative 100bps and inflation by 90bps in 2027-28 vs the September baseline, according to reports, citing sources.
EUR/USD−0.1%
ECB President Lagarde (Q&A) says policymakers believe they are in a good position to wait for incoming information. The situation they are in could have warranted a hike.
EUR/USD+0.1%

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