Bank of England on Hold

September 8, 2011

The Monetary Policy Committee was probably unanimous in voting not to change its 0.5% Bank Rate.  A 9-0 vote last month was the first unanimous decision on the key central bank rate since May 2010.  Amid mounting financial market tensions and slower global demand, the committee in August had agreed that the balance of medium-term inflation risks had shifted to the downside.  This month’s meeting, whose minutes will be published on September 21st, also left the limit on asset purchases at GBP 200 billion.  Adam Posen, who in August continued to vote instead for a GBP 50 billion increase of such, likely dissented again.

Copyright 2011, Larry Greenberg.  All rights reserved.  No secondary distribution without express permission.

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