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Free AccessMNI: 5 Things We Learned From The Dec BOE MPC Minutes>
By Jamie Satchithanantham and David Robinson
LONDON (MNI) - The following are the key points from the December
MPC monetary policy decision and accompanying minutes published
Thursday by the Bank of England:
- All nine members of the Bank of England's Monetary Policy
Commitee voted to keep the stance of monetary policy unchanged from
November, in line with market expectations. The minutes overall show
that the MPC view of the economic outlook has changed little, if at all,
since the November meeting when it hiked Bank Rate by 25 basis points.
- They offered no guidance on the likelihood of a near-term hike,
nor did they offer any commentary on overall market rate expectations.
- Macro data since the Nov meeting was seen as limited but domestic
activity indicators pointed to Q4 growth coming in softer than in Q3.
That commentary is at the bearish end of views about Q4 growth, as it
suggests it could come in below the 0.4% q/q seen in Q3.
- Provisional estimates by Bank staff saw the measures implemented
in the Autumn Budget adding 0.3pp to GDP growth over the three-year
forecast period, with CPI 0.1pp higher as a result of the fiscal
measures.
- The breakthrough in Brexit talks supports the MPC's conditioning
assumption that businesses and consumers will act on the belief that
Brexit will be orderly. The minutes said Brexit developments should
"support household and consumer confidence."
e-mail: ukeditorial@marketnews.com
[TOPICS: M$B$$$,M$$BE$]
To read the full story
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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.