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Note in the Bloomberg op-ed Bailey had said that the balance sheet may start to be unwound before Bank Rate reaches 1.50%. Today's comments seem to step back from those remarks:

"The MPC has considered its prospective approach to QE unwind in recent years, and in June 2018 set out that the balance sheet would be unwound at a gradual and predictable pace, allowing reserves to fall back to a level demanded by banks through their participation in regular repo operations, and once the Bank Rate had risen to around 1.5%, thus creating more headroom for the future use of Bank Rate both up and down. The MPC keeps this approach under review, though I should make clear that it does not seem like an imminent issue in current conditions. But we are looking at the next decade at this conference, so who knows what will happen. We should keep the options to use all our tools as open as possible, so I would conclude that the appropriate policy mix going forwards over a decade may be more nuanced than previously thought. Either way, our actions will be guided by our remit of achieving low inflation with financial stability"

MNI London Bureau | +44 203-865-3820 |
MNI London Bureau | +44 203-865-3820 |

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