-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
Commodities
Real-time insight of oil & gas markets
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Chart Packs -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI: BOE Keeps Policy Rate Steady And Guidance Unchanged
The Bank of England Monetary Policy Committee gave no ground in its December decision, leaving the policy rate on hold at 5.25% with three of the nine members again voting for a 25 basis point hike and with the guidance suggesting that the policy rate will stay high-for-long unaltered.
Six members voted for unchanged policy with three, Megan Greene, Jonathan Haskel and Catherine Mann backing a 25 bps hike leaving the vote split the same as at the November meeting. There had been speculation ahead of the meeting about one or more of the hikers moving to the no change camp or some tweaking of the guidance but the MPC did not shift.
The MPC still judged "that monetary policy was likely to need to be restrictive for an extended period of time" and that further tightening would be required if there was evidence of more persistent inflationary pressures.
In the wake of activity data pointing to at best flat output in Q4 and softer earnings figures market pricing showed the Bank cutting by around 100bps in 2024. The MPC made no direct comment on market rate expectations but the central message was that policymakers would be cautious as they are concerned about inflation persistence.
TOO EARLY
For the majority on the MPC who backed no change "it was too early to conclude that services price inflation and pay growth were on a firmly downward path," the minutes stated.
They added that on both measures "inflation persistence remained higher than in other advanced economies."
One member, presumably Swati Dhingra given her public comments, dissented from the majority view while still voting for unchanged policy.
She believed that "the risks of overtightening policy had continued to build" as the lagged effects of previous hikes had still to feed through.
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.