The BoE held its policy rate steady at 5.25% today, as widely expected by economists (including us) and fully priced in by markets, with an unchanged vote breakdown from May decision’s 7–2 split—with Dhingra and Ramsden again favouring a cut (a minority expected 8–1). There are two clear dovish elements in today’s communications (see below) that mean we leave our call for an August rate cut unchanged, though as always inflation/wages beats would delay the first move and the totality of cuts this year (we project 100bps, with risks slightly tilted towards less). The recent run of official wages and services inflation ... (full story)