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BoE Review: November 2020 - It's All in the Detail

We think there are three main takeaways from the MPC meeting and MPR. For the full review including summaries of 18 sell side reviews see the link below:

MNI BoE Review - Nov20.pdf

  • The QE extension of GBP150bln – this signals a change in the Bank's view of QE but wasn't as dovish as it seemed as most had expected a further extension to QE mid-year anyway.
  • Negative rates were not discussed but the inflation forecasts hinted that rate cuts could boost inflation.
  • The Minutes included a statement that the technicalities of QE could be reviewed.
We discuss all of these points in more detail and look at how we think the technicalities of QE could be changed to make it more effective.
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