MNI BRIEF: China Steel Market To Remain Subdued In August

MNI China Daily Summary: Thursday, August 1

MNI: BOE VOTES 5-4 FOR 25 BPS RATE CUT AT AUG MEETING

MNI CNB WATCH: Cut Pace Slows To 25Bps, Price Pressures Remain

MNI BRIEF: CNB Cuts 2W Repo Rate By 25Bps To 4.5%

MNI BRIEF: Japan Q2 GDP To Rise 0.5% Q/Q; 2.2% Annualised

US EIA:NAT GAS STORAGE +18 BCF TO 3,249 BCF JUL 26 WK

MNI: US JUN CONSTRUCT SPENDING -0.3%

MNI: US ISM JUL MANUF PURCHASING MANAGERS INDEX 46.8

RPT-MNI: Canada Sticks To Fiscal Anchors, Spends Chunk Of Windfall

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

BOE: Holds Rates At 5.25%; Drops Guidance For Further Tightening

UK

The Bank of England held policy rates steady at 5.25% at its first meeting of 2024, and removed guidance indicating that "further tightening" may be required in its policy statement.

  • 6 members of the MPC voted for unchanged rates, while 2 members - Haskel and Mann - voted for a 25bps hike. The dovish Dhingra voted for a 25bps cut in Bank Rate - a risk we had flagged in our preview.
  • In contrast to previous meetings, the minutes no longer noted that the decision was "finely balanced" between a hike and a hold.
  • The statement noted that "the restrictive stance of monetary policy is weighing on activity", and that the risks to inflation were "more balanced" in the updated set projections.
  •  As such, the updated forecasts indicated no difference between the Bank's mean and modal CPI forecast at the two- and three-year horizons. CPI is seen at 2.3% Y/Y in Q1 2026 and 1.9% Y/Y in Q1 2027.
  • Despite dropping references to the risk of further tightening, the Bank continues to signal that rates will need to "remain restrictive for an extended period".
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
Homepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
Homepagemarkets-real-timeBulletMarketsFixed Income BulletsForeign Exchange Bullets

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.