BOE: Instant Answers June 22 Meet - Hikes 50bps to 5%

1.    Was the Bank Rate raised, and if so by how much? Yes, by 50bp to 5%.

2.    Number of members voting for a rate cut? 0

3.    Number of members voting for unchanged rate? 2, Dhingra & Tenreyro.

4.    Number of members voting for a 25bp hike? 0

5.    Number of members voting for a 50bp or larger hike? 7 voting for 50bp.

6.    Did the MPC again say “if there were to be evidence of more persistent pressures, then further tightening in monetary policy would be required”? Yes, this was repeated word-for-word.

7.    Did the MPC re-add the phrase ‘forcefully’ or similar to ‘guidance’? No.

8.    Did the MPC say "Any future increases in Bank Rate are likely to be at a gradual pace and to a limited extent"? No.

9.    Did the MPC say market pricing had become dislocated from BOE thinking or similar? No.

10.    Did the MPC say the bank rate is now likely close to / at its peak? No.

The BOE highlighted that the market-implied path for the Bank Rate averages around 5.5%, up from 4% at the time of the May report, but offered no judgement in either direction.