Bank of England
Bank of England Leaves Policy Settings Unchanged
May 10, 2012
The Bank of England retained a 0.5% Bank Rate and did not increase the GBP 325 billion Asset Purchase Plan further. This was the expected result, although some analysts that more quantitative easing might be forthcoming. In a typical boilerplate statement for occasions when no changes are made, officials simply indicated the size and timing [...] More
Bank of England: No Change
April 5, 2012
With another month to run on its asset buying program’s current campaign, the Monetary Policy Committee of the Bank of England announced no changes in its policy for this month and released a statement that merely indicated when the Bank Rate of 0.5% was last cut (March 2009) and when the GBP 325 billion asset [...] More
Bank of England Preview: No Changes this Month but May’s Decision is Still Up in the Air
April 4, 2012
The Monetary Policy Committee’s decision, due at 11:00 GMT on Thursday, is expected to be no different from that in March. The 0.5% Bank Rate will be retained for one thing, its level for the past 37 months. For another, a likely 7-2 vote will keep the asset purchase plan limit at GBP 325 billion. [...] More
Several Events to Watch Today
March 21, 2012
British Chancellor of the Exchequer George Osborne delivers a 2012-13 budget today that will press onward with substantial austerity yet manage to offer some tax reductions. At stake is whether the economy can retain its top AAA credit rating. Fed Chairman Bernanke testifies in Congress on Europe. The gist of his remarks surfaced earlier. He [...] More
Bank of England Review: No Change
March 8, 2012
A statement from the Monetary Policy Committee predictably left the 0.5% British Bank Rate unchanged and did likewise with the GBP 325 billion asset purchase program ceiling. Minutes of this months meeting are due March 21. At last month’s meeting when quantitative easing was extended by 50 basis points from GBP 275 billion, Adam Posen [...] More
Risk On ahead of ECB Press Conference and Greek PSI Deadline
March 8, 2012
The U.S. currency has risen 0.6% against the yen. The dollar otherwise is down 1.2% against the kiwi, 0.7% relative to the Aussie dollar, 0.6% versus the euro, 0.4% against the Swissie and 0.3% versus the loonie and sterling. The yuan is steady amid chatter that another Chinese reserve requirement cut or modification of yuan [...] More
Bank of England Preview
March 6, 2012
The Monetary Policy Committee’s Thursday announcement at 12:00 GMT will retain existing policy settings: The British Bank Rate has been 0.5% since March 2009. The asset purchase program ceiling was raised at the February meeting by GBP 50 billion to GBP 325 billion in a 7-2 vote and will not be completed until the end [...] More
Bank of England Asset Purchase Program (APP) Expanded by Another GBP 50 Billion
February 9, 2012
The Bank of England’s APP has been raised from GBP 275 billion to a new ceiling of GBP 325 billion, which will be met by late April, that is within three months. The Bank Rate, 0.5% since March 2009, was left unchanged. A new quarterly Inflation Report will be released on February 15, and minutes [...] More
Big Day for Central Banks But Watching Greece Too
February 9, 2012
The Bank of England’s Monetary Policy Committee expanded quantitative easing as many thought it would. The Asset Purchase Program’s ceiling was raised to GBP 325 billion from GBP 285 billion. This extension is expected to take three months to complete. The Bank rate was held steady at 0.5%. The European Central Bank will announce its [...] More
Bank of England: No New Stimulus Unveiled this Time
January 12, 2012
British monetary policy settings were not changed, nor were they expected to be. The Bank rate has been at 0.5%, since it was halved 34 months ago in March 2012. The ceiling on the asset purchase program (a form of quantitative easing) was last lifted in October 2011, going from GBP 200 billion previously to [...] More
