Minutes of the November MPC meeting reveal a 7-2 vote for unchanged rates, in line with our MPC-ometer forecast. A minor surprise was that Gieve joined Blanchflower in seeking a cut, while Bean and Lomax – who opposed the last rise in July – voted for stable rates. <\/p>\n
The MPC-ometer forecast for December will be available at the end of next week but I think a 25 b.p. cut is likely. Failure to deliver would sit uneasily with the remarkably dovish November Inflation Report<\/em>, indicating a 50 b.p. decline is necessary to prevent an inflation undershoot. More straightforwardly, three-month LIBOR has risen by 25 b.p. since the last MPC meeting so an official cut is arguably required just to offset market-led tightening. <\/p>\n","protected":false},"excerpt":{"rendered":" Minutes of the November MPC meeting reveal a 7-2 vote for unchanged rates, in line with our MPC-ometer forecast. A minor surprise was that Gieve joined Blanchflower in seeking a cut, while Bean and Lomax – who opposed the last rise in July – voted for stable rates. The MPC-ometer forecast for December will be […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-2498","post","type-post","status-publish","format-standard","hentry","category-money-moves-markets"],"_links":{"self":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/2498","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2498"}],"version-history":[{"count":1,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/2498\/revisions"}],"predecessor-version":[{"id":4807,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=\/wp\/v2\/posts\/2498\/revisions\/4807"}],"wp:attachment":[{"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2498"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2498"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mmm.9dotdigital.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2498"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}