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RBC view following the MPC meeting

BOE

Feels "vindicated" in its view that NIRP will be enacted in early 2021

  • RBC notes it only recently updated its view on NIRP last week where it said that it expected GBP100bln more QE in November and a rate cut to -0.25% in early 2021 "most likely" in February.
  • RBC describes the meeting "as the point at which the MPC stopped being subtle. We would also see it as vindication of our view that negative rates are a genuine policy option for the MPC rather than just part of its forward guidance."
  • "If there was any doubt that they might be dissuaded from taking Bank Rate negative because of the difficulties of the banking sector in adapting, then the policy statement made it clear that steps were afoot to remove that potential obstacle. Clearly, the motivation of dropping in that extra detail on this month's meeting was to strengthen the credibility of negative rates as a policy option."
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