Bank of England Holds Rate at 3.75%, Two Dissenters Vote for Hike

The Bank of England (BoE) held its Bank Rate steady at 3.75% at the latest meeting, a decision that was largely expected by markets. The vote split was 7-2, with two members — Pill and, notably, Greene — dissenting in favor of a rate increase.

The dissenting votes were motivated by a desire to "insure against the possibility of larger second-round effects" from persistent price pressures. This suggests a slightly more hawkish undercurrent, though overall the tone remained cautious. The central bank's statement indicated that hawkish arguments are still scarce, pointing to a data-dependent path ahead.