The Bank of England is expected hold the Bank Rate unchanged at 3.75% with a 7-2 vote split with Pill and Green supporting a rate hike. There is a good chance we see a 6-3 vote split with Mann joining Pill and Greene. The BoE will also release the quarterly Monetary Policy Report with updated economic forecasts. The focus will be mainly on the projected peak for inflation this year which was lowered to 3.25% last month. In terms of economic data, UK inflation has come well below the BoE’s April projections, wage growth remained subdued, and there were little evidence of second-round effects in surveys or expectations data.