BoE Deputy Governor Ramsden: More on Second-Round Effects at Upcoming Meetings

Ramsden's framing matters less for what it says about the current rate path than for the process it signals: the MPC is treating second-round effects as an unresolved question rather than a settled one, which keeps the burden of proof on incoming data rather than on the existing stance. For sterling and UK rate-sensitive assets, the practical implication is that meeting-to-meeting communication carries more weight than any single print, since the Deputy Governor has explicitly tied his judgment to what future meetings reveal. Whether that persistence narrative hardens into a consensus on the committee is the open question.