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Minutes discusses potential Bank Rate hike ahead of the end of QE

BOE
  • On the labour market - the Bank is going to look into why there are still so many furloughed workers for the next MPR. They say uncertainty on the labour market is higher than previously.- On inflation " The Committee's central expectation continued to be that current elevated global cost pressures would prove transitory."
  • Key paragraph: "All members in this group agreed that any future initial tightening of monetary policy should be implemented by an increase in Bank Rate, even if that tightening became appropriate before the end of the existing UK government bond asset purchase programme."
  • For me on first read it seems as though most of the commentary was fairly balanced but then we have this statement about potentially tightening before the APF programme finishes via Bank Rate. That makes you re-read the rest of the MPS in a different light and there are a lot of potentially hwakish statements in here - there's just a lot of tempering of expectations through the number of times uncertainty is mentioned.
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