Bloomberg Audio Studios, podcasts, radio news. We've had to look at all the evidence. There is quite a lot of uncertainty in the world at large. But I do think that the course of interest rates the path is downwards, but there is more uncertainty around and so we had to weigh that up very carefully, and I think the appropriate thing to do this meeting was to keep interstraights on hold. But we'll come back at the beginning of February for our next meeting and start it all over
again and review the evidence. But I think the fact that there is a difference of view within the committee, I think first of all, I think it underlines the strength of that process. There's no group think on the NPC. Reasonable people can take a different view at this point, and that's exactly what they've done. Markets have to form
their view. I would say this, I think the path is downwards, but I really would caution that the stage with the amount of uncertainty, we can't tell you by how much when particular moves are going to take place, as the world is two uncertain So we will come back in February at our next meeting and review it again. And that's important and I think you can see that in immediate market pricing. The market says, well, they might cut in February, they might not pretty reasonable starting point.
I think we're now back in what I would call more normal conditions, or when we were going through the COVID period, you know, the labor market wasn't it wasn't functioning as normal. So so wages are set in markets, that's important. And we're at the Bank of England when we determine interest rates respond to how those the evidence that we see. I would caution a bit on the numbers we've seen this week. There were a bit of
a surprise. I think espicely everybody actually now there was quite a bit of noise in the data coming from things that happened a year ago. There was a fairly unusual fall in the rate of growth of wages last year this time last year, which didn't last and that's coming out of the series. So just a bit of caution there that what we're really interested in is how much momentum are we seeing now. So there was a bit of a surprise, but it's nothing like what you
saw in the headline number. When I look at markets, I think for quite one. Our markets have really not been expecting us to move rates at this meeting, So I don't think you should regard anything we did today as a surprise in that sense. It isn't. We are looking very carefully at the economy. We're looking very carefully at the degree of uncertainty. I think today you know the right decision was to hold and say we'll come back to it. So there's no surprise in that. Really,