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Bank rate maintained at 5.25% - November 2023
The Bank of England’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment. At its meeting ending on 1 November 2023, the MPC voted by a majority of 6–3 to maintain Bank Rate at 5.25%. Three members preferred to increase Bank Rate by 0.25 percentage points, to 5.5%. The Committee’s updated projections for activity and inflation are set out in the accompanying November Monetary Policy Report. These are conditioned on a market-implied path for Bank Rate that remains around 5¼% until 2024 Q3 and then declines gradually to ... (full story)
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BOE'S BAILEY: WATCHING TO SEE IF MORE RATE INCREASES NEEDED BOE: `RESTRICTIVE' POLICY LIKELY NEEDED FOR EXTENDED PERIOD BOE'S
— Naeem Aslam (@NaeemAslam23) November 2, 2023
BAILEY: WATCHING CLOSELY TO SEE IF FURTHER RATE HIKES ARE NEEDED BOE'S BAILEY: MUCH TOO EARLY TO BE THINKING ABOUT RATE CUTS
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BOE: RISKS TO INFLATION PROJECTIONS STILL SKEWED TO UPSIDE
— First Squawk (@FirstSquawk) November 2, 2023
BOE: EMPLOYMENT GROWTH LIKELY SOFTER IN H2 2023 THAN PREVIOUSLY FORECAST
BOE: PAY GROWTH HIGH BUT STRONG PRIVATE SECTOR REGULAR EARNINGS NOT APPARENT IN OTHER SERIES
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BoE Summary:
— Adam Linton (@Adamlinton1) November 2, 2023
- Unch. as expected
- 6-3 vote
- Rates to be kept sufficiently restrictive
- Will hike again if needed
- Half of impact from hikes has been felt
- Too early to talk of cuts
- Inflation seen falling below 2% in Q4'25
- GDP seen flat in 2024