i know the candidate, and what kind of mpc will be?— kind of mpc will be? know her— kind of mpc will be? i don't know her at _ kind of mpc will be? i don't know her at all, _ kind of mpc will be? i don't know her at all, but - kind of mpc will be? i don't know her at all, but i - kind of mpc will be? i don't know her at all, but i think| kind of mpc will be? i don'tl know her at all, but i think it has been clear in this campaign that she is local, she is a chartered accountant, she is committed to the area. she actually stood in the last general election with a10% vote. it is a sign, a real kind of ability to need a ground walker with support from party hq to just get out there and persuade the voters that even though this is a historically blue seat, a conservative seat, it is the 75th safest seat in the country, to persuade them that she can be a voice, a person of integrity and an improvement on both an mp who was stood down as a result of a scandal and they conservative party that seems to mostly be involved in having parties instead of sticking to cor

i know the candidate, and what kind of mpc will be?— kind of mpc will be? don't know her at all, but i i kind of mpc will be? i don't know her at all, but i think| kind of mpc will be? i don'tl know her at all, but i think it has been clear in this

because _ turning point and how is mpc him. there are lots of mps are no longer giving the prime minister— are no longer giving the prime minister the benefit of the doubt. he still— minister the benefit of the doubt. he still has a majority voting. but this could — he still has a majority voting. but this could be the start of a series of events— this could be the start of a series of events that means it is eventually going to lead to something like this was at the timescale could be anything. also, as we _ timescale could be anything. also, as we know— timescale could be anything. also, as we know in politics, you should never _ as we know in politics, you should never completely write someone out. also is _ never completely write someone out. also is some will say, a few months a-o also is some will say, a few months ago boris _ also is some will say, a few months ago borisjohnson would definitely have another ten years. lots predicting that. you can start to see how— predicting that. you can start to see how things could g

multiple mpc members said they were focused on the medium term.yesterday was inflation versus omicron, inflation is a medium-term risk and the bank of england has decided it is going to live with the economic disruption in the short-term of covid. that is what changed. tom: is the february meeting going to be and play as well? -- in as well? >> markets are saying february but economists are more cautious as usual. economists expect another hike in february and may. francine: the ecb was not as hawkish. what is the key takeaway? >> the president, madame lagarde was clear to say that interest rate hikes are still unlikely next year. what they said was inflation growth had made enough progress to allow for gradual reduction of asset purchases in the coming months. there will be a slow down and the pandemic program and the first quarter and under that program, the program will come to an end in march. as planned. to soften the blow on the market and to make sure there are no disruptions or financial tightening that the ecb is trying to avoid, they too

that the communication the last couple of months, the leadership wanted to raise rates and had the mpcn board. it was an 8-1 vote today, so there was clearly consensus to do what they did. they expect micron to not be a big deal. -- expect omicron to not be a big gill. alix: that -- big deal. alix: that was a really diplomatic way to put it. i'm just confused at the bond market reaction because you look at the statement, and you can make an argument for central bank divergence. that is not what the bond market is telling me today. michael k: yes, the fed is tightening faster at the margin than expected. this is good longer-term in the sense that being more aggressive now means less aggressive in the future. that is the $64,000 question. is there an idea of where the terminal rate is appropriate? they are still talking about raising rates at 2.1%, somewhere in that neighborhood, and 2024. that still seems awfully low. but if that is the narrative, the market is suggesting we are going to barely get there because this increase in interest rates is going to cause a weakening economy down

this is a dollar story but many filling a 40% chance that we could see the mo move and raise ratepc -- mpcraise rates. more likely they stand pat with the on the ground. tom: goldman sachs saying maybe they will be the mother of all surprises. on dow futures right now, we are over 800 points off the bottom. that is absolutely extraordinary. lisa: cannot i make one other observation? to your yields coming in -- two -year yields coming in 0.64%. if you look at the rate hikes priced in, the market is pricing and fewer rate hikes than the federal reserve's own projections. the market is implying the fed is not going to get there, thereby buying into the transitory story more than the federal reserve. tom: that's the smartest comment i have seen today. are leasing a transitory adjustment to the non-transitory press conference of yesterday. katrina dudley with franklin mutual, we are thrilled that she could join us. what is important is some legit shops is actually writing about the business from mere mortals. what is your advice to our audience on radio and tv that wouldn't know a dot plot if i

and multiple mpc members are going to do medium-term risk. if this decision came down to omicron versus inflation, inflation is the medium-term risk, and clearly the bank has decided it's going to live with the short-term economic disruption of covid. and that's what's change to this month. anna: it seemed some of the inflation just too high to ignore. to the credit of the bank governor -- what is next from the bank of england? lizzie: well, if the government can get omicron under control fast, then the bank of england will stop the tightening cycle. bloomberg economics sees a 25 basis points hike in may and another one in november and another one in february, 2023. markets, as ever, are a bit more eager, a percent chance of that move to 5% in february. but if the government can't get omicron under control fast, the other consequence of yesterday's decision is the ball is in the treasuries court. the bank of eglinton tossed it back. anna: we do know richie's -- bank of england tossed it back. anna: we do know richie's act [no audio] that's th

in the last meeting of the mpc— with that.k are at an historic low. when the bank of england does start to raise interest rates, we think rates will remain low for the long term, even though they are going to be higher throughout the period. for example, expect the first interest rate hike to be 2.1%. i will have to go higher from there. but we really don't think rates will end up higher than what they were before the pandemic, and certainly not in the foreseeable future. so, what could it mean if we get a rate rise _ so, what could it mean if we get a rate rise today, or maybe next month? — rate rise today, or maybe next month? fora start, if you rate rise today, or maybe next month? for a start, if you are a borrower. — month? for a start, if you are a borrower. it _ month? for a start, if you are a borrower, it could signal a bit of bad news — borrower, it could signal a bit of bad news. it will mean that mortgages and loans, the repayments you make _ mortgages and loans, the repayments you make of those, will cost more bec

according to some of your mpc will not be the folly selection and you will not have a leadership election on the things we were expected to do. it is message is delivered on the things we were expected to do.— we were expected to do. it is very hard when — we were expected to do. it is very hard when you — we were expected to do. it is very hard when you have _ we were expected to do. it is very hard when you have a _ we were expected to do. it is very hard when you have a play - hard when you have a play minister who appears to have put his foot in it and not see things through when people across about rose being broken and we have also seen the conservative party find for breaking rules about donations. how concerned are you that this is a watershed moment is the liberal democrats are saying? what we have seen and shropshire could play out across the country. amersham and chesham also went to lib dems, people starting to realise this government is not keeping its promises, least of all on brexit. .. .., , keeping its promises, least of all on brexit. ., , . ., on brexit. you convenientl