Bank of England policymaker Catherine Mann said on Tuesday that “markets are pricing in too many cuts to rates.“ Additional comments Changed her vote on rates due to consumers disciplining firms pricing, changing dynamic in labor markets and financial market curve. Discretionary services inflation has started to soften in last couple of month. Firms are increasingly cutting hours in labor market. National insurance rate cuts will add more workers to labor market, will affect wage dynamics soon.
In february i thought makrets were easing too much. Markets are perhaps a bit too complacent about how long the boe will hold rates. In some ways the BoE does not have to cut because the market already is. Market curve in the UK is importantly affected by decisions of ECB and Fed. Wage dynamics in the UK are stronger than in the US and Euro area. Hard to argue that the BoE would be ahead of the ECB and the Fed.
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