BOE now out with their eagerly awaited decision 2 Nov
- bank rate 0.5% vs 0.25% prev
- QE unch at £435bln
- corp bond target at 10bln
- vote: 7-2
- all members agree that any future increases in Bank Rate would be expected to be at a gradual pace and to a limited extent.
- Cunliffe and Ramsden voted to keep rates on hold
- 9-0 for unchanged QE at GBP435B; Corporate bond-buys GBP10B
- Two more hikes seen over forecast horizon, to bring inflation back to target
- MPC see inflation peaking in October 2017 at just over 3%
- Growth seen averaging 0.4% per quarter over the forecast horizon
- Outlook for inflation and activity broadly similar to August
- Business investment continues to grow but hurt by Brexit uncertainty in real terms
- Remains considerable risks to the outlook, due to Brexit developments
Thanks to our good friends at Livesquawk for the prepared summary
BOE minutes here .Inflation report also out here
Say the Minutes:
There remain considerable risks to the outlook, which include the response of households, businesses and financial markets to developments related to the process of EU withdrawal. The MPC will respond to developments as they occur insofar as they affect the behaviour of households and businesses, and the outlook for inflation.
The Committee will monitor closely the incoming evidence on these and other developments, including the impact of today's increase in Bank Rate, and stands ready to respond to changes in the economic outlook as they unfold to ensure a sustainable return of inflation to the 2% target.
GBPUSD falling as inflation outlook and minutes show dovish tones still
