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BOE Minutes May Have Less Weight Than Usual

Posted by WorldWideMarkets . on Aug 14, 2013 3:26:00 AM
Wednesday’s release of the Bank of England minutes, now just minutes away, may not carry much weight given last week’s press conference and the forward guidance but they will be interesting none the less. Perhaps in terms of insight into relative dovishness. Carney has not removed further asset purchases should the recovery need them. It should be remembered Carney tied UK monetary policy to the unemployment rate stating the rate needs to drop to 7 percent before the current accommodative stance will change. With the rate at 7.8 percent, there is still ample room for asset purchases in theory but with the UK recovery looking on track even if weak, how much does Carney want the asset program to remain in place. And while he may be the top dog and the new man, he is only one of the nine Monetary Policy Committee members. The others are also important. At the last BOE meeting, policy makers also voted on the forward guidance. Perhaps the minutes will be more interesting than expected. pound trading

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