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MNI: 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$] 

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