Minutes of the BoE's February MPC meeting confirmed an expected unanimous vote to keep Bank Rate at 0.5 percent and QE at Stg375 billion.
The majority of members seemed quite happy with the way the economy had evolved since their January discussions and certainly gave no indication that they were considering any near-term move on policy. However, two members (most likely McCafferty and Weale, the former hawkish dissenters) warned that a hike in interest rates might be needed later in the year.
There is very little real news here and bond markets may be a little disappointed that the minutes, despite holding out the possibility of a cut in the right circumstances, did not make more of the Bank's apparent recent change of view about the floor to Bank Rate.
The Monetary Policy Committee issues minutes of its meetings with a two week lag.
Investors who want a more detailed description of Bank of England opinions will generally read the minutes closely. The MPC may issue a statement after its monthly meeting but the minutes will be much more detailed. In particular they will reveal who voted for and against the Committee's decisions and provide a more detailed description of the MPC's thinking. As such, the minutes are a market mover as analysts parse each word looking for clues to future policy.
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