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Despite continued strong jobs gains seen in UK, wage data have softened. And along with downward growth revisions and Brexit uncertainties, we now see plenty of reasons to support BoE's wait and see for longer approach.
BoE is largely expected to stay pat at at Thursday's meeting and is unlikely to signal that a change is imminent. If anything, the minutes of the meeting could veer further into dovish territory. Recent oil price falls along with weakening the inflation outlook, give them plenty of room to wait.
"We recently pushed back our BoE rate hike call to November 2016 from May 2016. To our minds, the only big question is whether the MPC vote 8-1 or 9-0 to keep rates on hold. We look for Ian McCafferty, the sole hawk at present, to drop his vote for a hike at one of the next couple of meetings," Notes BoFA Merrill Lynch in a report to clients.
