As of Wednesday morning in London, the market was pricing around a 93% probability of a second consecutive hold, after the Bank of England ended a run of 14 straight hikes in September.
for October reflected that business activity decreased for the third straight month in October and posted its largest monthly decline since January, recording lower output in both the manufacturing and services sectors. He added that the MPC will be keen to keep its options open but will for now want to wait and observe how much pain prior hikes inflict on the economy.another rate hold is all but guaranteed, given a softer-than-expected data flow compared to the MPC's last set of projections in August, along with the surprise pause in September, when the economy was"if anything, slightly less weak than now.
"In terms of the vote split, we expect a 1-6-2 outcome , with external member Dhingra voting for a cut , and with external members Haskel and Mann voting for a 25bp hike."While the MPC's Dhingra noted the need to assess the lagging impact of monetary tightening, fellow member Catherine Mann said that she was still concerned about persistent rises in the cost of living in the U.K.
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