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Guidance expectations

BOE
  • The MNI Markets team expect the tightening bias to be removed from the Monetary Policy Statement, while “finely balanced” is likely to be erased from the Minutes.
  • The other two parts of the guidance that we expect to remain are: “The Committee continues to judge that monetary policy is likely to need to be restrictive for an extended period of time.” and "Monetary policy will need to be sufficiently restrictive for sufficiently long."
  • 13/22 analysts (59%) explicitly expect the tightening bias to be removed from the Monetary Policy Statement while 4 (18%) expect it to remain. 5 (23%) others either expect some dilution of the tightening bias or a dovish adjustment.

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