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State Street Comments on Bank of England Monetary Policy Decision PDF Print E-mail
Thursday, 14 December 2017
In reaction to today’s Bank of England (BoE) Monetary Policy Committee (MPC) meeting, Michael Metcalfe, global head of macro strategy at State Street Global Markets; and Barry McAndrew, senior portfolio manager, active global rates at State Street Global Advisors offer their views.

Metcalfe comments, “Even with current inflation above three percent no-one expected back-to-back hikes from the Bank of England (BoE). The big question now is how quickly inflation will fall. While the bank projects a gentle fall in 2018, our online inflation measure from PriceStats1 suggests a faster drop, which may yet undermine the case for further tightening altogether.”

McAndrew comments, “A unanimous decision to keep rates on hold was expected given the proximity to Novembers hike. Data has been broadly in line with Bank of England (BOE) assumptions since the last meeting, which suggests little need to deviate from the one hike a year pace, out to end 2019. The committee has bought time until May before there is any expectation of the decision being a close call.”

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