BOE's Bailey: We are not out of monetary policy tools

Remarks by BOE governor, Andrew Bailey, after the policy decision earlier

• We will continue to come up with appropriate responses
• BOE is clearly committed to take action when needed
• Appropriate that BOE continues with aggressive pace of QE for the moment
• We will take stock of that, there's still another meeting before QE completion
• Information about lifting lockdown measures will be material to June discussions
• BOE is not targeting any part of the yield curve

Bailey mainly reaffirms that the BOE is taking a wait-and-see approach for now, waiting on the UK government to shed some light about easing of lockdown measures before taking any further action with regards to QE. Hence, explaining the decision today.

Just take note that the BOE estimates that at its current pace, they will meet their QE target by July. Hence, they should likely announce an increase to the size of purchases in due time.