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Commenting on today’s Bank of England announcement, Craig Inches, Head of Rates & Cash at Royal London Asset Management, said: |
“A month after playing down expectations of a rate hike, the Bank of England raised few eyebrows as it announced that interest rates would be remaining at 0.5%. “In our view, the Bank has missed another opportunity to raise rates. Despite a run of soft data, the economy may turn out to be more robust than recent evidence, and the Bank’s newly lowered forecasts, suggest.” “Interestingly two members of the MPC also agree with us, while the press conference by Mark Carney and colleagues was in fact more hawkish than the headlines suggest. “The governor stated that the main reason they did not raise rates today was because of the soft data in the first quarter of the year. If this rebounds as they expect then it is likely we could see a rate rise at any one of the upcoming meetings including June. In simple terms, the Bank is poised and any glimmer of stronger data will be met with less accommodative policy.” “The only concrete outcome from today’s meeting is another example of forward misguidance from the Bank of England. These mixed messages will only continue to increase volatility in bond markets and create uncertainty in the wider economy.” |
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