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Today's release of Bank of England minutes showed that all members voted in favor of patience while Ian McCafferty voted against and chose to vote for hike of 25 basis points.
This was the last monetary policy meeting for both Mr. Miles and Mr. Mccafferty as both of their term ends in August 31st 2015.
Mr. McCafferty was a known hawk who previously in 2014 voted in favor of rate hike along with another hawk Mr. Martin Weale.
To most members, outlook and risk of inflation has not been sufficient enough to vote for a rate hike. While Mr. Ian saw the risks skewed to the upside.
Today's vote is not much of a surprise, though pound has fallen more than 120 pips.
- Mr. David Miles hasn't been a previous hawk, so it was very much likely that he would vote in favor of maintaining rates. Though many had expected he would dissent before retiring from the committee this month.
- Mr. Ian McCafferty was a known hawk, who voted in the past in favor of rate hike, so naturally it was expected that Mr. McCafferty would like to exert his view before retiring this month.
- Another known hawk, Martin Weale has plenty of time to be hawkish again, since he is not retiring until July, 2016.
Pound is down heavily, trading at 1.548 against Dollar.
