No Changes from the Bank of England

December 6, 2012

The Monetary Policy Committee released its boilerplate statement for times when it doesn’t change policy, stating the bare facts, providing no opinions and deferring that function to minutes of this week’s meeting that will be released on the 19th of this month.  At the prior meeting in November, David Miles had dissented from the majority, preferring to boost the asset buying program’s ceiling to GBP 400 billion.  Such was last raised in July to GBP 375 billion, a level reached in November.  The majority had agreed that demand and production in the future would be weaker if there isn’t further quantitative easing but did not take that step with inflation still above target.  The Bank Rate has been at 0.5% since March 2009.

Copyright 2012, Larry Greenberg.  All rights reserved.  No secondary distribution without express permission.

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