CANADA OFFERING ITS POSTAL SERVICE UP TO CAD1B CASH BAILOUT

MNI BRIEF: US Existing Home Sales Rise 2.2% To 4.24M In Dec

MNI: US JAN FLASH MANUF PMI 50.1 (FCST: 49.8); DEC 49.4

MNI China Daily Summary: Friday, January 24

MNI BRIEF: China Electricity Growth Expected At 6% In 2025

MNI:PBOC Net Drains CNY795Bn Via MLF; Injects CNY179Bn Repo

EZ/UK T-Bill Calendar: Germany, France Auction on Monday

MNI: UNIV OF MICHIGAN CONSUMER SENTIMENT FINAL JAN INDEX 71.1

MNI: US NAR: DEC EXISTING HOME SALES 4.24M SAAR

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2025 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

BOE: Breeden speech highlights

BOE
Bank of EnglandCentral Bank NewsCEEMEABulletUKMarketsFixed Income BulletsForeign Exchange Bullets
  • "In December I judged that the evidence supported maintaining Bank Rate at 4.75% and that recent developments supported the case for a gradual approach to the withdrawal of policy restrictiveness in the coming months."
  • "I will be focused in particular on further diagnosing how much of the slowdown in activity in the economy can be attributed to supply and how much to demand given their differing impacts on the medium-term outlook for inflation. And I will continue to analyse the evidence around how employers are responding to the still-elevated level of growth in employment costs and what that means for inflation persistence."
  • "Two important questions follow from that judgement.
    The first is how restrictive we are and should be – how far away we are from r*, the neutral level of interest rates that leaves the economy in balance.
    I’ve spoken already about how hard it is accurately to diagnose the nature of the shocks that are hitting our economy. In my view understanding the impact of these shocks and how they might affect medium-term inflation is the best way to feel our way to the right level of restrictiveness over time, led by the evidence as we see it.
    The second question is how quickly we should remove that restrictiveness. That is difficult to know and will depend on how the factors above evolve over time. To be clear, I expect Bank Rate to come down over time as the effects of the large shocks of the past continue to abate."
247 words

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.
  • "In December I judged that the evidence supported maintaining Bank Rate at 4.75% and that recent developments supported the case for a gradual approach to the withdrawal of policy restrictiveness in the coming months."
  • "I will be focused in particular on further diagnosing how much of the slowdown in activity in the economy can be attributed to supply and how much to demand given their differing impacts on the medium-term outlook for inflation. And I will continue to analyse the evidence around how employers are responding to the still-elevated level of growth in employment costs and what that means for inflation persistence."
  • "Two important questions follow from that judgement.
    The first is how restrictive we are and should be – how far away we are from r*, the neutral level of interest rates that leaves the economy in balance.
    I’ve spoken already about how hard it is accurately to diagnose the nature of the shocks that are hitting our economy. In my view understanding the impact of these shocks and how they might affect medium-term inflation is the best way to feel our way to the right level of restrictiveness over time, led by the evidence as we see it.
    The second question is how quickly we should remove that restrictiveness. That is difficult to know and will depend on how the factors above evolve over time. To be clear, I expect Bank Rate to come down over time as the effects of the large shocks of the past continue to abate."