This is a notable comment as Breeden voted with a 6-3 majority to keep rates unchanged at 4.75% in December. The market has a chance of a 65% decline on February 6, but that seems too low.

I think one of the better trades in 2025 will be a catch-down pound trade due to rate cuts.

Other comments:

• It is difficult to know how soon to remove the restrictive policy
• Some tentative evidence that activity is starting to wane, although we expect it to pick up again
• The headline inflation scenario has now subsided enough to no longer be a key factor in policy-making

The pound was unchanged on the comments but has struggled this week as the market deals with looming economic weakness and interest rate cuts.

More:

• We follow what is happening on the gold plating market
• Many gold price movements reflect global factors
• Movements on the gilding market have been orderly so far, so far they are good