Well that was a turn up for the books
Not only did we have one member voting for hikes but we had "some" talking about tightening, here's the passage in full.
"Eight members considered the current policy stance still to be appropriate. Pay growth had remained subdued, consistent with the Committee's view that some slack remained in the labour market, and there had been some signs that the squeeze in households' real income growth was feeding through into spending, as expected. In this context, the conditioning assumption that had underpinned the February projections - that there would be some modest withdrawal of monetary stimulus over the course of the forecast period - remained appropriate. The potential for uncertainty over future trading arrangements to affect materially economic decision making remained, posing a downside risk to the activity outlook, to which the Committee could respond if necessary. On the other hand, with inflation rising sharply, and only mixed evidence on slowing activity domestically, some members noted that it would take relatively little further upside news on the prospects for activity or inflation for them to consider that a more immediate reduction in policy support might be warranted."
That basically means that the tolerance levels are perhaps closer for some than others. We can probably finger known hawk McCafferty as one of those. What's also a bit of a wild card is what Charlotte Hogg had to say as she's only at this one meeting before leaving.
Not much of this matters to the pound which is rocketing away to 1.2347. It's a definitive shift on language. With the Hogg caveat among this we'll have to see how things play out at the next meeting.
