His hawkishness lasted longer than last time
The details from the minutes and report a little mixed. McCafferty changing his mind is the main reason for the initial dip in the pound.
The details from the BOE still maintain that rates are likely to rise more than fall but they add that they are ready to take any action needed on the economy.
Inflation and GDP are cut back, which shouldn't be a shock to anyone. The cut in wage forecasts perhaps needs greater noting but then they still expect the slack to be taken up by the end of 2016.
Overall (and I'm writing this as I still read through all the details) the report isn't that different from usual and there's no surprises in the forecast changes. A lot of it focuses on the near term rather than medium and long term and that can muddy things because there's always so much noise in the near term.
That short-termism from McCafferty does him or the bank no favours.
The pound reflects what I'm seeing from the reports and has steadies after the initial move. The next moves will come as Carney elaborates on the report and economy. If he's goes heavy on the risk rhetoric then the pound is likely to find further sellers. If he's middle of the road then we may well move back towards the highs
