A Dove’s Coup

Catherine Mann and diehard dove Swati Dhingra wanted to go big on Thursday, when the Bank of England delivered the third rate cut of what, so far, is a very cautious cycle. Both voted in favor of a 50bps move, even as the new MPC report found the inflation trajectory revised up, and not by a little bit. "Progress on underlying disinflation in domestic prices and wages ha[s] generally continued [but] headline CPI [is] now expected to rise quite sharply in the near-term," the meeting minutes rea