00:00Joining us now from London is Morwena Kaniyam. She is Bloomberg Markets Today editor.
00:04And Morwena, there are three dissenters in this rate decision from the BOE, which is
00:10unusual in the U.S. because we also had three dissenters, but not so unusual in the U.K.
00:14What do we know about what those six officials who voted to stand hold might need to see,
00:19would need to see in order to change their thinking for supporting a hike?
00:24Yeah, so the focus really, as Andrew Bailey was just talking about, is on second round
00:30effects. And so that's seeing the initial impact of higher oil prices filtering through into
00:40wage setting and price setting as a consequence of that. And then it becomes more embedded.
00:45You know, that's what we've seen previously in the past. And I think they still haven't
00:50really fully seen evidence of that. The other thing that they are concerned about was they
00:55don't have a dual mandate, as Bailey just said. They are concerned about the health of the economy.
01:03And when you have a sort of softening labour market, when you have quite anemic growth,
01:09that in itself contains some of the inflationary threat. And you have got tightening fiscal
01:16conditions purely because of those higher tightening expectations that we've seen over the past few
01:24months. So essentially, it's still waiting to see and watching for a real sign that a hike is
01:33necessary, whereas the market is still pricing in a hike, you know, this year. But that's now been
01:40pushed out to the very end of the year. So we have seen quite a paring back of that.
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