• As an activist policymaker, I chose 50 bps now, along with continued restrictiveness in the future, and a higher long-term bank rate to "cut through the noise"
  • Notwithstanding the 50 bps cut now, structural impediments to achieve inflation target on a sustained basis are not yet fully purged
  • Current and likely continued weak demand conditions will lead to further loosening of the labour market
  • I am at the higher end of the 3% to 3.50% range of estimate for long run equilibrium on the bank rate
  • Need to maintain policy rate discipline and restrictiveness even after this immediate voting decision

Mann is trying to clarify that even if she did side with a 50 bps move last week here, she's still somewhat hawkish about policy in the bigger picture. It's a tough sell in my view. Actions speak louder than words. It feels rather convoluted at best when trying to make sense of her remarks above.

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