Bank of England Releases Boiler Plate Policy Statement to Say Settings Left Unchanged

August 7, 2014

The monthly Monetary Policy Committee review of policy resulted in the expected decision not to change the 0.5% Bank Rate of the GBP 375 billion ceiling associated with the quantitative asset purchase program.  That limit was reached by early November 2012.  The released statement said minutes would be published August 20 and noted that the quarterly Inflation Report with new macroeconomic forecast will be published on August 13.  These facts already were a matter of public record.  We’ll learn on the 13th if the decision was again a unanimous one as all have been since mid-2013.  If a Bank Rate hike is made by yearend, clues to that effect will need to intensify soon, but officials chose not to break their usual procedure of providing any more than the most basic non-informing details on the day of a policy meeting if the decision is to not change settings.

Copyright 2014, Larry Greenberg.  All rights reserved.  No secondary distribution without express permission.



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