UBS did correctly call for a change in the bank rate vote, noting that Ramsden would join Dhingra in opting for a 25 bps rate cut. The firm also mentioned before the meeting that while their base case is for August, there is a risk of the BOE moving in June. And now, they are officially switching up that forecast.
It’s all about the little things when it came to the BOE policy decision yesterday. Do be reminded that there’s still two CPI reports to go through before the June meeting. So, those will be the judge of whether or not we will see the BOE pull the trigger earlier than markets are expecting now.