Deutsche Bank on the Bank of England rate hike – the Committee “remains divided”

ICYMI, the Bank of England overnight:

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.

—

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

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