Bank Rate raised to 0.75%

The Bank of England’s Monetary Policy Committee (MPC) has voted unanimously to increase the Bank Rate to 0.75%. The committee also voted unanimously to maintain the stock of corporate bond purchases and UK government bond purchases. Since the May Inflation Report, the near-term outlook has evolved broadly in line with the MPC’s expectations. Recent data…

Base Rate Holds

The MPC voted to hold its benchmark rate at 0.5% per annum on 10 May 2018. The vote was 7-2 with Michael Saunders and Ian McCafferty backing a 0.25% per annum hike.  There was a unanimous decision to keep the asset purchase target at 435 billion pounds and to leave plans to buy as much…

MPC Decision

The Bank of England’s Monetary Policy Committee has released the voting decisions and Minutes of the meeting which ended on 01 November 2017. The Minutes reveal that the Committee voted 7-2 to increase the Bank Rate to 0.50% per annum (from 0.25% per annum). Two members (Jon Cunliffe and Dave Ramsden) voted against the proposition…

Fed FOMC Statement

The Federal Open Market Committee issued its latest statement today. The vote to keep the benchmark interest rate unchanged in the target range of 1.00-1.25% was unanimous. The key points from the statement are: Economic activity was upgraded from moderate growth to solid growth; Inflation assessment altered to indicate that core inflation remains soft instead…

ECB Decision

The European Central Bank left its benchmark rate at 0.00% per annum and its deposit rate at -0.40% per annum at the conclusion of its meeting today. The QE programme will continue at €60billion per month until the end of 2017 and will then be scaled back to €30billion per month until the end of…

MPC Decision

The Bank of England’s Monetary Policy Committee has released the voting decisions and Minutes of the meeting which ended on 14 June 2017. The Minutes reveal that the Committee voted 5-3 to maintain Bank Rate at 0.25% per annum and unanimously to; 1)  continue with the programme of sterling non-financial investment-grade corporate bonds purchases totalling…

Fed FOMC Statement

The Federal Open Market Committee issued its latest statement today. The vote to increase the borrowing target range by 25 bps to 1.00-1.25% from 0.75-1.00% was 8 to 1, with Minneapolis Fed president Neel Kashkari voting against the action, preferring no change in monetary policy. Kashkari also dissented at the March 15 meeting when the…