TD Securities strategists highlight that the Bank of England (BoE) kept Bank Rate at 3.75% with a 6-3 split, signalling slightly more hawkish rhetoric but continued comfort with existing tightening. The July Monetary Policy Report shows a more benign inflation and growth outlook, yet risks remain skewed to the upside. They still expect Bank Rate on hold through September and an easing cycle starting in H1 2027. "At the same time, the MPC remains uncomfortable with the upside risks around energy prices and inflation persistence, leading it to skew risks to the upside even as the central forecast has improved." (This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.