BOE’s Mann: It was time to move away from a rate hike

• Discretionary services inflation has started to soften in the past month
• The change of voting intention is due to consumers disciplining firms pricing, thus changing dynamic in labour markets and also the financial market curve

For some context, Mann voted for a 25 bps rate hike in February only to change that to a hold vote in the latest policy meeting last week. That conforms with almost the entirety of the committee, with only Dhingra still voting for a 25 bps rate cut instead.

This article was written by Justin Low at www.forexlive.com.