RE: Base rate.3 Nov 2022 12:17
88
minutes say "Monetary policy had already been restrictive in light of falling real incomes, with the economy now likely to be entering recession. Importantly, most of the tightening in policy over the past year was yet to feed through to the real economy. In line with estimated transmission lags, the prevailing level of Bank Rate would, in time, result in a looser labour market and lower domestic inflationary pressures, such that medium-term inflation was likely to fall below target."
I assume they think it's overkill.