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Fails to Sustain Rally

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BOE Minutes: MPC Votes 6-3 To Keep Bank Rate Unchanged 
-BOE MPC: MPC Vote 9-0 To Keep Stock Of Gilts, Corporate Bonds Unchanged
-BOE MPC: Haldane, McCafferty, Saunders Vote For 25bp Bank Rate Hike
-BOE MPC: New Guidance on QE; Aims to Reduce Stock When Rate Hits 1.5%  
-BOE MPC: Judgement on Q1 Data Dip "Broadly on Track"; Expect Q2 Pickup   
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The MPC voted 6-3 to keep Bank Rate unchanged at 0.5% at its June 
meeting but was unanimous in keeping the stock of total asset purchases 
at stg445bn. Three members voted for an immediate 25bp rate hike, with 
Andy Haldane dissenting for the first time - the first dissenting vote 
for a hike by a Bank insider since 2011. The majority view was that the 
May QIR projections were "broadly on track" but that there was still 
value in waiting and seeing. The very soft Q1 GDP data were still seen 
as erratic and a Q2 recovery is expected. New guidance revealed the QE 
unwind will start when Bank Rate is around 1.5% rather than around 2.0%. 

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