Far more interesting than the probable decision by the Monetary Policy Committee (MPC) to leave interest rates at 0.75% on Thursday 1st August will be that the MPC may find itself in the unusual position of suggesting that everyone should ignore the relatively hawkish forecasts it will probably publish in the accompanying Inflation Report. Instead, the MPC’s main message will probably be that it is less hawkish than it was in May, but not as dovish as the financial markets.
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