BoE: seeking proof from the political pudding
- Both Michael Saunders and Jon Haskel maintained their dovish dissents at the MPC’s Dec-19 meeting, as expected, despite the decisive political developments.- The BoE still describes its baseline forecasts as consistent with a gradual and limited tightening of monetary policy. Dovish risks remain so the MPC is awaiting clarity in the data before responding.
- Just as the proof of the pudding is in the eating, the MPC seeks evidence in the data that political progress is boosting the economy. That is likely to take a little longer than I previously assumed, so I role my rate call back from May to Aug-20.
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