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Free AccessBOE: MPC Votes 6-3 to Hike 25bp, Sees Risk of Domestic Price Pressures
- The Bank of England decided 6-3 to raise the bank rate by 25bp to 1.25% in the June 16 meeting.
- Haskel, Mann and Saunders voted for a 50bp hike.
- The BOE dropped its forward guidance along the lines of "some degree of further tightening in monetary policy may still be appropriate..." and stated explicitly that the "scale, pace and timing of further increases in bank rate will reflect the committee's assessment of the economic outlook and inflationary pressures... will if necessary act forcefully in response".
- This shift highlights renewed flexibility going forward for both the timing and magnitude of upcoming hikes.
- CPI is now seen rising "slightly above 11%" in October, upwards of a 0.6pp revision on the 10.4% forecast in the May report. With core inflation running higher than both the Eurozone and US, additional price pressures resulting from domestic factors imply more entrenched UK inflation as highlighted in the statement.
To read the full story
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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.