As expected

Will print highlights up but full minutes can be found here

  • all members agree that they need to see more evidence of slack reducing before raising rates
  • decision on whether to raise rates now ” more balanced” for some members
  • “considerable uncertainty” and range of views about BOE’s 1.0-1.5% of GDP estimate of slack
  • could be argued that the more gradual the intended rate rises the earlier the BOE needs to start
  • but premature rise in rates could also risk a “substantial cost” in lost output
  • raising rates slowly carries greater risk of housing market imbalances but FPC role can mitigate this
  • fall in mortgage approvals ” noteworthy”
  • nearly all GBP appreciation likely to be passed into lower prices but firms may instead increase profit margins

Nothing really new in these and they continue to highlight the risks of interest rate rises but market liking the fact there is discussion still on sooner rather than later hikes

GBPUSD 1.6908 with EURGBP holding 0.8100 still