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Monetary Policy Summary, December 2022
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 14 December 2022, the MPC voted by a majority of 6-3 to increase Bank Rate by 0.5 percentage points, to 3.5%. Two members preferred to maintain Bank Rate at 3%, and one member preferred to increase Bank Rate by 0.75 percentage points, to 3.75%. In the MPC’s November Monetary Policy Report projections, conditioned on the elevated path of market interest rates at that time, the UK economy was expected to be in recession for a ... (full story)
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BOE: THE LABOUR MARKET REMAINS TIGHT, INDICATING INFLATIONARY PRESSURES THAT JUSTIFY A MORE STRONG BOE RESPONSE.
— Breaking Market News (@financialjuice) December 15, 2022
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BOE'S TENREYRO AND DHINGRA: 3% BANK RATE IS MORE THAN ENOUGH TO BRING CPI BACK TO TARGET. THERE IS NO STRONG CASE TO TIGHTEN ON RISK MANAGEMENT GROUNDS.
— Breaking Market News (@financialjuice) December 15, 2022
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BOE'S MANN: 75 BPS RATE RISE NEEDED TO LEAN AGAINST INFLATION PSYCHOLOGY, PRICE AND WAGE PRESSURE GREATER THAN IN THE NOVEMBER FORECAST.
— Breaking Market News (@financialjuice) December 15, 2022
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BOE: NOVEMBER 17TH BUDGET MEASURES BOOST GDP LEVEL BY 0.4% AT ONE-YEAR HORIZON, BROADLY UNCHANGED AT TWO-YEAR, LOWER GDP BY 0.5% IN THREE YEARS.
— Breaking Market News (@financialjuice) December 15, 2022
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