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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.
- The Bank of England meeting had a little something for everyone. There were three hawkish dissenters preferring a 50bp hike while two members did not want to sign up to the forward guidance that more hikes would be needed. The Bank’s forecasts also showed inflation above target in 3-years using constant rates but way below target using market rates. While the market rate path also led to anaemic growth from effectively the middle of this year throughout the forecast horizon.
- Looking to the June meeting, we think there is a very good chance of a further hike.
- Backing out from the Bank’s inflation forecasts, we think that the median member of the MPC thinks that probably two further hikes will be necessary to bring inflation back to target at the three year horizon. So we would also be inclined to expect a hike to 1.50% in August.
- For the full BOE Review including summaries of 23 sell-side views, view the full report.
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.
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