Speaker 1: Bloomberg Audio Studios, podcasts, radio news. We've had to look
Speaker 1: at all the evidence. There is quite a lot of
Speaker 1: uncertainty in the world at large. But I do think
Speaker 1: that the course of interest rates the path is downwards,
Speaker 1: but there is more uncertainty around and so we had
Speaker 1: to weigh that up very carefully, and I think the
Speaker 1: appropriate thing to do this meeting was to keep interstraights
Speaker 1: on hold. But we'll come back at the beginning of
Speaker 1: February for our next meeting and start it all over
Speaker 1: again and review the evidence. But I think the fact
Speaker 1: that there is a difference of view within the committee,
Speaker 1: I think first of all, I think it underlines the
Speaker 1: strength of that process. There's no group think on the NPC.
Speaker 1: Reasonable people can take a different view at this point,
Speaker 1: and that's exactly what they've done. Markets have to form
Speaker 1: their view. I would say this, I think the path
Speaker 1: is downwards, but I really would caution that the stage
Speaker 1: with the amount of uncertainty, we can't tell you by
Speaker 1: how much when particular moves are going to take place,
Speaker 1: as the world is two uncertain So we will come
Speaker 1: back in February at our next meeting and review it again.
Speaker 1: And that's important and I think you can see that
Speaker 1: in immediate market pricing. The market says, well, they might
Speaker 1: cut in February, they might not pretty reasonable starting point.
Speaker 1: I think we're now back in what I would call
Speaker 1: more normal conditions, or when we were going through the
Speaker 1: COVID period, you know, the labor market wasn't it wasn't
Speaker 1: functioning as normal. So so wages are set in markets,
Speaker 1: that's important. And we're at the Bank of England when
Speaker 1: we determine interest rates respond to how those the evidence
Speaker 1: that we see. I would caution a bit on the
Speaker 1: numbers we've seen this week. There were a bit of
Speaker 1: a surprise. I think espicely everybody actually now there was
Speaker 1: quite a bit of noise in the data coming from
Speaker 1: things that happened a year ago. There was a fairly
Speaker 1: unusual fall in the rate of growth of wages last
Speaker 1: year this time last year, which didn't last and that's
Speaker 1: coming out of the series. So just a bit of
Speaker 1: caution there that what we're really interested in is how
Speaker 1: much momentum are we seeing now. So there was a
Speaker 1: bit of a surprise, but it's nothing like what you
Speaker 1: saw in the headline number. When I look at markets,
Speaker 1: I think for quite one. Our markets have really not
Speaker 1: been expecting us to move rates at this meeting, So
Speaker 1: I don't think you should regard anything we did today
Speaker 1: as a surprise in that sense. It isn't. We are
Speaker 1: looking very carefully at the economy. We're looking very carefully
Speaker 1: at the degree of uncertainty. I think today you know
Speaker 1: the right decision was to hold and say we'll come
Speaker 1: back to it. So there's no surprise in that. Really,