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Wording on pace of potential increases and technical parameters under review

BOE
  • Here's the wording around pace of purchases and potential increases (no real surprise here): "The Committee envisaged that the pace of purchases could remain at around its current level initially, with flexibility to slow the pace of purchases later... Should market functioning worsen materially again, the Bank of England stood ready to increase the pace of purchases to ensure the effective transmission of monetary policy."
  • And the technical QE parameters might still change in the future, this statement remains in the Minutes. The question is, does the BoE intend to make a change or is this statement in here solely to convince market participants who are concerned about scarcity that the BoE can change its buckets or free float parameters if needed: "The Committee would keep the asset purchase programme under review. If needed, there was scope for the Bank of England to re-evaluate the existing technical parameters of the gilt purchase programme"
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