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BOE: Instant Answers For Feb 2 meet

UK
(MNI) LONDON
Bank of England Instant answers for Feb 2 policy meet
1.    Was the Bank Rate raised, and if so by how much? Yes, by 50bp to 4.0%
2.    Number of members voting for unchanged rate (or cut)? Two for unchanged- Dhingra and Tenreyro.
3.    Number of members voting for a 25bp hike? 0.
4.    Number of members voting for a 50bp hike? 7.
5.    Number of members voting for a 75bp or larger hike? NB: On questions 2-5 we will name the dissenters 0.
6.    Did the MPC say, that in the run-up to the February policy decision, it believed market pricing was over-estimating the peak for Bank Rate? No.
7.    Did the MPC again say “forceful” action could be used “if required”/ “as necessary”? No. 
8.    If any ‘guidance’ was offered by the MPC, was it backed by all or by most/majority of the MPC? N/A. 
9.    Did the MPC say "Any future increases in Bank Rate are likely to be at a gradual pace and to a limited extent"? No.
10.    Did all/most of the MPC say the bank rate is now likely close to / at its peak (or similar)? No. 
11.    At what level does the BOE MPC see the NAIRU? The MPC sees the rate just above 4% (no numerical value), yet highlights volatility in recent data.
12.    UK CPI rate in two years' time at market rates (mode) +0.95%
13.    UK CPI rate in two years' time on constant rates (mode) +0.83%
14.    UK CPI rate in three years' time at market rates (mode) +0.37%
15.    UK CPI rate in three years' time on constant rates (mode) +0.19%
16.    What is the Bank's forecast for QQ Y/Y Q1 2024 GDP? -0.71%
17.    What is the Bank's forecast for QQ Y/Y Q1 2025 GDP? +0.18%
In the February statement, the MPC stated it would "continue to monitor closely indications of persistent inflationary pressures ...... If there were to be evidence of more persistent pressures, then further tightening in monetary policy would be required."
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

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