MPC sitting on the fence, but could jump either way

The Monetary Policy Committee’s (MPC) dovish shift at its November meeting leaves the Committee unsure in which direction the next change in interest rates will be. As well as softening its language on the chances of rate hikes if there were a Brexit deal, the Committee also explicitly said it might have to cut interest rates if Brexit uncertainty drags on, or global growth fails to recover. We’ve been saying as much for a while.