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Instant Answers - May 2022

BOE
(MNI) LONDON
  1. Was the Bank Rate raised, and if so by how much? Yes, by 25bp to 1.00%
  2. Number of members voting for a 25bp hike? 6
  3. Number of members voting for a 50bp hike (and who)? 3 (Haskel, Mann, Saunders)
  4. Number of members voting for unchanged Bank Rate (and who)? 0
  5. Did the MPC announce sales of gilts would start (and when)? No (asked BOE staff to work on strategy)
  6. Did the MPC issue guidance, identical or very similar to, its March line that some further "modest tightening in monetary policy may be appropriate..."? Yes "...most members of the Committee judge" (7 of 9)
  7. Was the guidance outlined in question 6 specified to take place “in the coming months”? Yes
  8. At what level and when does the Bank now expect CPI to peak? Slightly over 10% in 2022 Q4 - (10.2% around October)
  9. UK CPI rate in two/three years' time at market rates (mode): 2.14%/1.30%
  10. UK CPI rate in two/three years' time on constant rates (mode): 2.94%/2.16%
  11. Does the bank forecast 2 consecutive quarters of negative growth in any period, and if so when? No
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com
MNI London Bureau | +44 203-865-3812 | les.commons@marketnews.com

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