MNI BRIEF: BOE MPC Jun Meeting; No Changes To Guidance, Policy

The Bank of England Monetary Policy Committee left Bank Rate on hold at 0.1% and the target stock of gilt asset purchases at GBP875 billion, with only Chief Economist Andy Haldane, who was attending his final MPC meeting, again dissenting and voting to lower the target stock to GBP825 billion. The total QE target, including corporate bonds, was maintained at GBP895 billion

All of this was as expected and the meeting seemed to be little more than a placeholder before the August one, with its quarterly forecast round. The monetary policy guidance was unaltered from May and in its accompanying market notice the Bank said that its approach, of slowing gilt purchases up to the August meeting, remained unchanged and it said that work to ensure negative rates would be a live policy tool in August was on track.