Analysts at Deutsche Bank explain that the BoE was under the spotlight yesterday following the MPC meeting outcome and as expected there was no change in policy with the committee voting to keep rates on hold by 7-2, with McCafferty and Saunders the dissenters which came as a slight surprise.
“Our UK economists noted that, broadly speaking, the tone and language of the minutes was in line with market pricing for a May hike. They also note that given the prospect of excess demand over the forecast horizon, the BoE continues to reiterate its view of an ongoing tightening in monetary policy at a “gradual pace and to a limited extent”.”
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