Deutsche Bank on the Bank of England rate hike - the Committee "remains divided"

ICYMI, the Bank of England overnight:

• ForexLive European FX news wrap: BOE delivers 25 bps rate hike as expected
• BOE's Bailey: Inflation remains too high
• BOE's Bailey: Past rate hikes will weigh more on the economy in the coming quarters

Via Deutsche Bank:

The Bank of England has lifted its bank rate for the twelfth consecutive time to 4.5%.

What did we learn today?

• The MPC remains divided: two members continued to vote for a pause in the hiking cycle.
• And despite big upward revisions to GDP growth and CPI, the MPC remains no more confident about getting inflation back to target. In fact, today’s minutes highlighted increased caution around the unwinding of second-round effects with uncertainty surrounding the Bank’s CPI projections tracking at record levels.

Where to next?

• The MPC stuck to its message of data dependence, and will be held captive to forthcoming growth, labour market, and inflation data.

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I posted earlier a view that the BoE rate has topped out, or is close to doing so:

• Ex- Bank of England monetary policy maker Saunders sees inflation undershooting, rate cuts

DB's 'data dependence' view is probably the better one IMO.

Bank of England Governor Bailey