UK BoE MPC Vote Cut 0/ vs. Exp. 0/ (Prev. 0/)

The focus therefore shifts to the breakdown on the other side of the ledger, how many voted to hold versus those now arguing for further easing, since migration of even one or two members between camps has tended to precede a change in policy by a meeting or two. The transmission channel in past episodes of this kind runs through the front end of the gilt curve and SONIA futures, with sterling following the short rate differential rather than the decision itself. Worth watching are the minutes for any shift in the language around persistence of wage growth and services inflation, the two variables the committee has repeatedly cited as the binding constraint, and whether the accompanying guidance keeps the door open to back-to-back moves. As an in-line outcome, the information content sits in the rhetoric rather than the vote.