• We need to see downward path of inflation become more established before cutting again
• Today’s decision is based on two key judgements
• The first being underlying domestic price and wage pressures are continuing to ease
• The other being the risk of greater inflation persistence has become less pronounced
• Latest data on inflation was encouraging but it is only one data point

He’s mostly just reiterating the statement summary here before the Q&A session later. To sum up, the BOE to lay the groundwork for another rate cut which could come in December. But optionality remains key for them at the moment, so there’s nothing too dovish in the messaging even as they reaffirm that a gradual downward path on rates remains the likely scenario. GBP/USD is nudging back up to 1.3080 after the light drop and closer towards 1.3090 from before the meeting decision.

This article was written by Justin Low at investinglive.com.



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