At 12:00 06/02/2014, the Bank of England will announce the Bank Rate and Asset Purchase Facility for the month. They are expected as 0.5% and £375bn respectively.
This is expected and should render the announcements today a non event in terms of market movements, unless something unexpected comes out. What most traders are looking for is an update on the Bank of England’s forward guidance, given the recent decline in unemployment and strengthening of the economy. This is however not expected to come today, but if they do say anything it could be market moving.
The January minutes showed both pieces of data unchanged and a unanimous vote on the. the key discussion was on the unemployment threshold of 7% being hit earlier than expected, with them saying that it did not mean they will hike rates as soon as it is hit. It currently stands at 7.1%
On the street all banks are agreeing that the policy will remain unchamged this month, and also that the Bank of England MPC will not update their forward guidance today but rather with the February Inflation report.
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Came out as unchanged, as expected and no further comments.