“The mix of little news and the passage of time have actually brought a bank rate cut rather better,” Bank of England (BoE) Chief Economist Huw Pill stated on Tuesday and included: “The absence of news offers me no factor to leave from my standard that the time for cutting bank rate stayed some method off.”
Secret takeaways
“Caution versus expectations that the Bernanke report will cause a fast modification in how UK financial policy exists.”
“How, when, I would elect a bank rate cut depend most importantly on how such a choice transfers to inflation, in specific along the cash market yield curve.”
“A cut in bank rate would not totally reverse the limiting position of policy.”
“MPC presently requires to keep restrictiveness in its financial policy position.”
Market response
GBP/USD edged higher following these remarks and was last seen increasing 0.3% on the day at 1.2387.
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