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|Commenting on the Bank of England suggesting that rates could remain at historic lows until 2017|
|Monday, 09 November 2015|
Commenting on the Bank of England suggesting that rates could remain at historic lows until 2017, Darren Ruane, Head of Fixed Income at Investec Wealth & Investment: “Today’s Bank of England interest rate announcement was more dovish than markets were expecting. Indeed there was some speculation that Ian MacCafferty would be joined by at least one further dissenter, but this did not occur and the inflation profile has been reduced. However a signal has been provided that the market’s expectations for future rate rises are too far away. The MPC forecast that inflation should hit 2.1% in two years based on current interest rate forecasts while CPI inflation is likely to remain below 1% until H2 2016.
“Immediate market reaction showed gilt yields lower with ten year gilts down by 3bps to 1.965%. The FTSE 100 was higher by around 40 points to 6410 and a weaker Sterling has emerged with GBP/EUR lower by 1 cent to $1.405.”
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