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Mann noncommittal on active QT

BOE
  • Mann asked on the 1% threshold for considering changes in the balance sheet.
  • She says there is quite a bit of research on the relative importance of stock vs flow at both the BOE and in other institutions which assess the role of the balance sheet to complement the Bank Rate. This is a function the degree to which we judge the stance of overall monpol at the May meeting. Note that financial conditions are changing - has been much more volatility since March - so this also has to be considered in landscape of appropriate combination of balance sheet and Bank Rate. Worth to think about the tenor the balance sheet and consider that as part of the landscape for policy makers when considering whether changing the balance sheet is a relevant and important part of the overall monpol stance.
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  • Mann asked on the 1% threshold for considering changes in the balance sheet.
  • She says there is quite a bit of research on the relative importance of stock vs flow at both the BOE and in other institutions which assess the role of the balance sheet to complement the Bank Rate. This is a function the degree to which we judge the stance of overall monpol at the May meeting. Note that financial conditions are changing - has been much more volatility since March - so this also has to be considered in landscape of appropriate combination of balance sheet and Bank Rate. Worth to think about the tenor the balance sheet and consider that as part of the landscape for policy makers when considering whether changing the balance sheet is a relevant and important part of the overall monpol stance.