MNI will provide headlines for Thursday`s.......>

BOE: MNI will provide headlines for Thursday`s release of the BOE`s new R-Star /

R* equilibrium real policy rate variable based on the following criteria.

- 'R-Star' refers to the real natural rate, not the nominal one. For instance,

-0.50% would represent a nominal Bank Rate of 1.50% (R* plus 2.0% inflation).

- Our Policy team notes the BOE is likely to publish a range for r* rather than

a point estimate, reflecting both the uncertainty around it and members'

divergent views.

- However, depending on how the BOE presents its estimates, headlines are likely

to follow the following general guidelines.

- If a range is provided, we will communicate this with:

`BOE: R STAR IN -X.X% TO +X.X% RANGE (X.X% TO X.X% NOMINAL RATE)`

- If a midpoint is provided, we will communicate this with:

`BOE: R STAR MID-POINT ESTIMATE X.X% (X.X% NOMINAL RATE)`

- If a point-estimate is specified, we will communicate this with:

`BOE: R STAR POINT-ESTIMATE X.X% (X.X% NOMINAL RATE)`