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MNI INSIGHT: BOE Rates Guidance Underplays Tightening Bias

(MNI) London

The BOE's guidance on rates consists of compromise wording which does not reflect the balance of views on the MPC.

The Bank of England's current guidance underplays the commitment of the majority of the Monetary Policy Committee to further raising interest rates to contain inflation.

While the guidance in May’s statement states only that “most members of the Committee judge that some degree of further tightening in monetary policy may still be appropriate in the coming months,” recent comments by members suggest that the centre of gravity on the MPC tilts more firmly towards more hikes.

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The Bank of England's current guidance underplays the commitment of the majority of the Monetary Policy Committee to further raising interest rates to contain inflation.

While the guidance in May’s statement states only that “most members of the Committee judge that some degree of further tightening in monetary policy may still be appropriate in the coming months,” recent comments by members suggest that the centre of gravity on the MPC tilts more firmly towards more hikes.

Keep reading...Show less