Announcement is here:
Minutes, main points (via Reuters)
- members agreed that an expansion to the LSAP programme is the most effective way to deliver further stimulus at this time
(LSAP is the QE program)
- adding inflation-indexed government bonds (IIBS) to the LSAP
- committee noted that a negative official cash rate (OCR) will become an option in future
- at present financial institutions are not yet operationally ready for negative OCR
- noted that discussions with financial institutions about preparing for a negative OCR are ongoing
- committee reaffirmed its forward guidance that the OCR will remain at 0.25 percent until early 2021
- tools available include further reductions in the OCR; a term lending facility; and adding other asset classes, such as foreign assets, to the LSAP programme
- banking system is sound and markets are functioning satisfactorily
- committee agreed that risks are to the downside of baseline scenario
- agreed that a 'least regrets' monetary policy approach is needed, delivering