More comments from Broadbent, most of them repeats

  • All BOE measures can be expanded if needed

  • BOE's lower bound is marginally above zero

  • MPC didn't have a huge debate on the lower bound

The dovish headline comment hasn't stirred the pound. The lower bound comments are as clear as day that if the BOE cuts again it won't be by 25bps to put rates at zero. That leaves us a cut of 10/15bps, should they move again.