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MNI STATE OF PLAY: BOE Sticks To Gradual Tightening For Now

(MNI) London

The MPC stuck to its course of gradual tightening, hiking by 25 bps, but warned it could act more forcefully if need be.

The Bank of England stuck to gradual tightening at its June meeting, delivering another 25-basis-points hike, but hardened its guidance with a promise to do what is necessary to get inflation to target and to "act forcefully" if need be.

While three Monetary Policy Committee members, Catherine Mann, Jonathan Haskel and Michael Saunders, voted for a 50-basis-point increase, all had all done so in May and none are Bank insiders, with everyone else backing 25 bps.

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The Bank of England stuck to gradual tightening at its June meeting, delivering another 25-basis-points hike, but hardened its guidance with a promise to do what is necessary to get inflation to target and to "act forcefully" if need be.

While three Monetary Policy Committee members, Catherine Mann, Jonathan Haskel and Michael Saunders, voted for a 50-basis-point increase, all had all done so in May and none are Bank insiders, with everyone else backing 25 bps.

Keep reading...Show less