The way in which forward guidance was initially structured in August, with its thresholds/knock-outs to the way in which forward guidance was refined in February, was done so to create the impression of a unanimous BoE.
The same holds true of the recently flagged rate hike coming sooner rather than later where the shift from dove to hawk from Carney, as well as David Miles, is likely to have been engineered to prevent the hawks from dissenting.
This is why a 9–0 vote at the June MPC meeting minutes to be released today makes sense. Even if we do not see a 9–0 vote we would need something more than a 8–1 or 7–2 to see a market reaction given that expectations have already shifted to a rate hike by the end of 2014.
