Bank of England October 2017 MPC montary policy announcement 02 November 2017
- Prior vote: 7/2 to keep rates unchanged at 0.25%
- Growth Forecast: Stronger near-term / weaker further out
- Inflation Forecast: Higher near-term / back toward 2% further out
- Brexit: Focused on smooth transition
Highlights;
- 7-2 to raise rates 25bps to 0.50%
- Cunliffe and Ramsden voted to keep rates on hold
- 9-0 for unchanged QE at GBP435B; Corporate bond-buys GBP10B
- Two more hikes seen over forecast horizon, to bring inflation back to target
- MPC see inflation peaking in October 2017 at just over 3%
- Growth seen averaging 0.4% per quarter over the forecast horizon
- Outlook for inflation and activity broadly similar to August
- Business investment continues to grow but hurt by Brexit uncertainty in real terms
- Remains considerable risks to the outlook, due to Brexit developments
- Credit conditions facing households and businesses have eased further
- Overall, little less monetary stimulus seen now compared to August
GBPUSD has been smashed down to 1.3096.
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