- Members were increasingly confident that inflation would return to target in 1H 2025
- A gradual dialing back of policy restrictiveness would be appropriate if baseline projection for inflation is confirmed over the next few months and quarters
- There are still many upside and downside risks to inflation outlook, so should not let its guard down in the final stretch of the disinflation process
- A cautious approach is still warranted amid prevailing uncertainties and the existence of a number of factors that could hamper progress on inflation developments
- Some members noted a case could be made for a 50 bps rate cut (for December) and would have favoured more consideration on such a possibility
- Full accounts
This article was written by Justin Low at www.forexlive.com.
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