BoE's Breeden says it is not at all obvious that there is a path to lower energy prices. Decisions are meeting-by-meeting.

Indirect pass through of energy price rises are limited so far, suggesting slack in the economy. Began at a point where policy is restrictive, unlike in 2022. Main question is on whether they need to do a first move (i.e. hike), more uncertainty on whether lots more would need to be done thereafter. Cannot ignore movevs in OIS interest rate futures market, need to understand what is going on.