Expectations are low for anything much from the Bank of England's Monetary Policy Committee (MPC) meeting this week

  • Thursday 7 February 2019
  • Announcement due 1200GMT, along with their latest Inflation report

I posted this earlier:

This now via RBC, in brief from their detailed note:

Intensification of Brexit uncertainties to keep MPC on hold

  • With little sign of clarity on Brexit, … meeting of the Bank of England's Monetary Policy Committee (MPC) is likely to pass without much fanfare.
  • We fully expect the MPC will remain on hold, primarily as they appear to have little other option at this stage given the uncertainty over Brexit and the rising risk that the UK leaves the EU at the end of March without a deal.
  • Recent movements in oil prices mean that the near-term inflation projections contained in the latest Inflation Report are likely to be revised down significantly.
  • However, rising domestic inflation pressures, in particular due to the trajectory of pay growth and wages will allow the MPC to stick to 'gradual and limited' language on future rate hikes.
  • we don't envisage any major changes to the judgement from last year that the potential growth rate of the economy remains at 'around' 1.5%.
  • The BoE will also likely confirm the reinvestment of the maturing Gilt UKT 4.5% Mar-2019. We expect the £20.6bn reinvestment programme to run over a period of 5 weeks starting 11 March.