Market News
Bank of England's Mann says no to 'cut, cut, cut' on rates - REUTERS
LONDON, Feb 11 (Reuters) - Bank of England policymaker Catherine Mann said on Tuesday that her unexpected vote for a half percentage-point cut in interest rates last week did not mean she wanted a series of rate cuts or that she would vote the same way again in March.
Mann's vote came as a surprise to investors, who she said had viewed her as an "uber-hawk", though her approach was better understood as one of "activism", unlike the gradualism favoured by most of the BoE's Monetary Policy Committee.
In a speech on Tuesday, she said she still viewed restrictive monetary policy as necessary and saw the long-term equilibrium level of British interest rates at the higher end of a 3.0-3.5% range given by a BoE survey of investors.
Her position contrasts with that of Swati Dhingra - the other Monetary Policy Committee member who voted for a 50 basis-point cut - who has consistently voted for looser policy.
