• Voted to hold rates unchanged in May as labour market not loosened as expected.
  • Services price inflation above what I view as consistent with getting CPI back to target.
  • My switch in vote from a 50 bps cut to a hold reflected spillover from financial market volatility.
  • It's better to make bolder moves on rates than hold for longer.
  • Need to be concerned that inflation at 4% could alter wage and price setting dynamics.

As a reminder, Mann surprisingly voted for a 50 bps cut in February because she saw downside risks to employment but at the most recent decision she changed her mind and voted for keeping rates steady (the BoE cut rates by 25 bps).

BoE's Mann
Source: Forex Live