As widely anticipated and fully priced into the GBP OIS curve, the Bank of England’s Monetary Policy Committee (MPC) held Bank Rate steady at 4.00% in September. The 7-2 vote split followed familiar lines, with external members Dhingra and Taylor again favouring a 25bp cut. The policy statement largely echoed August’s messaging, reaffirming the MPC’s “gradual and careful” approach to easing. It also repeats that rate decisions remain data-dependent and are not on a pre-set path, with the Committee seeking clearer evidence of underlying disinflation. In our view, this guidance reinforces the MPC’s easing bias, which ... (full story)