MNI BOE Review - July 2026: High Bar for September

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• There were dovish undertones to Thursday’s MPC meeting despite Catherine Mann joining the hawkish dissenters to see a 6-3 vote split. Mann’s move was not the base case for most analysts but was also not entirely surprising given her recent speeches and “activist” stance.
• More important for us was that the other MPC members that we consider the swing voters – Bailey, Lombardelli and Ramsden – sounded as though the bar to them hiking in the near-term remained high.
• We look through the individual paragraphs of the potential swing voters.
• We also summarise 20 sell side reviews.