Prior 4.00%Bank rate vote [cut-unchanged-hike] 2-7-0 vs 2-7-0 expected (Dhingra, Taylor voted to cut by 25 bps)Underlying disinflation has generally continued, although with greater progress in easing wage pressures than pricesPay growth remains elevated, but has fallen and is expected to slow significantly over the rest of the yearUpside risks around medium-term inflationary pressures remain prominentDownside domestic and geopolitical risks around economic activity remainA gradual and careful approach to the further withdrawal of monetary policy restraint remains appropriateThe restrictiveness of monetary policy has fallen as the bank rate has been reducedMonetary policy is not on a pre-set pathThe timing and pace of future reductions in the restrictiveness of policy will depend on the extent to which underlying disinflationary pressures continue to easeFull statement
As for the statement language, the key parts from August are all retained as the central bank reaffirms a more gradual and careful approach in pursuing further rate cuts. So, there's not really anything new for traders to act upon here.
This article was written by Justin Low at investinglive.com.
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