BoE's Ramsden says more on second round effects will be known ahead of the next few meetings

Ramsden is a deputy governor with markets and banking in his remit, and his comments on second-round effects sit squarely within the framework the Bank has used throughout its tightening and easing debates: whether elevated headline inflation feeds through into wage settlements and pricing behaviour rather than fading on its own. Flagging that more will be known ahead of the next few meetings is the classic conditional-hold formulation; it keeps optionality on the path while signalling that the committee is not yet comfortable that domestically generated inflation is beaten. The useful distinction is between the headline level, which energy and base effects can move independently, and the persistence indicators the MPC has said it watches: services inflation, wage growth, and inflation expectations. Commentary of this kind from a deputy governor tends to matter most when it is echoed or contradicted by the governor and chief economist, and when it shifts the perceived split between the committee's hawks and doves, since the Bank's recent decisions have been closely divided. The near-term follow-ons are the wage and CPI prints that fall before the meetings in question, plus the vote split and minutes, which have been the more reliable guide to the balance of opinion than any single speech. As guidance about information rather than policy, the signal is hawkish-leaning but deliberately non-committal.