Bank of England

Bank of England Leaves Policy Settings as Is But Paints a Difficult Future

August 3, 2017

The Bank of England held a meeting of the Monetary Policy Committee and released a quarterly Inflation Outlook. Officials… Kept the Bank Rate at 0.25%, its level since a 25-basis point cut a half year ago. Didn’t change the GBP 435 billion ceiling on gilt purchases. Such was raised by GBP 60 billion last February. […] More

Stocks Up in Europe after Drop in Asia… Dollar and Sterling Off, Too

August 3, 2017

The dollar fell 0.5% against the yen, 0.2% relative to the euro and Swiss franc and 0.1% versus the kiwi and yuan. Sterling’s even more weak, dropping 0.6% against the dollar as Bank of England Governor Carney returned to a theme that Brexit will hit the economy for a long time to come. Share prices […] More

Bank of England

May 11, 2017

The Monetary Policy Committee kept its Bank Rate at 0.25% and did not modify the limits of its quantitative stimulus. As she had done at the prior meeting in March, Kristin Forbes cast a sole dissenting vote in favor of hiking the interest rate to 0.50%, which resulted in a 7-1 verdict. A statement of […] More

Softer Pound

May 11, 2017

Sterling fell 0.4% against the dollar overnight. The ten-year British gilt yield has firmed two basis points, and the Ftse is little changed. The Bank of England left policy unchanged but suggesting greater monetary policy tightening during the forecast period than is implied in market interest rates. Several British economic statistics were reported. Similar to […] More

Bank of England

March 16, 2017

The Monetary Policy Council agreed again to leave its Bank Rate at 0.25%, but the vote drew a dissent for only the second time in the past dozen meetings. The dissent by Kristin Forbes, who favored a 25-basis point rate increase to 0.50%, was the first one she has cast since joining the MPC. Policymakers […] More

Bank of England Keeps Existing Stance

February 2, 2017

At the second post-Brexit referendum meeting of the 9-person Monetary Policy Committee, officials halved the Bank Rate to 0.25%, expanded the asset purchase program by 60 billion pounds to a ceiling of GBP 435 billion, and introduced a plan to purchases up to GBP 10 billion of corporate bonds. Four subsequent meetings and two published […] More

Dollar Falls Broadly Except Against Sterling

February 2, 2017

The dollar lost 1.2% against the Australian dollar, 0.8% relative to the euro, 0.7% vis-a-vis the yen, 0.5% versus the kiwi, 0.6% against the Mexican peso, 0.4% relative to the Swissie, and 0.3% versus the loonie. The Aussie dollar was lifted by report of a much greater-than-forecast A$ 3.51 billion Australian trade surplus in December, […] More

Bank of England

December 15, 2016

A statement following the latest meeting of the Monetary Policy Committee reveals that policymakers voted unanimously to retain present policy parameters: a 0.25% Bank Rate, an incremental GBP 60 billion program of gilt purchases bringing such to a new limit of GBP 435 billion, and the planned purchase of GBP 10 billion of corporate debt. […] More

Broad Financial Market Adjustments Intensify in Wake of FOMC Meeting

December 15, 2016

The dollar gained overnight by another 2.0% against the Australian dollar, 1.5% versus the euro, 1.6% vis-a-vis the kiwi, 1.2% relative to the yen, 0.9% against sterling, and 0.6% versus the yuan. Key levels are being approached such as parity with the euro, 120 yen, and 7 renminbi. Throughout the 8-year Obama stewardship, Republicans fought […] More

Bank of England Unanimously Keeps Policy Unchanged

November 3, 2016

The Monetary Policy Committee decided to make no changes to the three elements of its accommodative stance. A Bank Rate of 0.25%, which had been halved in August. A mandate to purchase an additional 60 billion pounds of British gilts on top of the GBP 375 billion it earlier had acquired. Plans to buy GBP […] More

css.php