BOE leaves bank rate unchanged at 4.50%, as expected ...Middle East

Prior 4.50%Bank rate vote 8-1 vs 7-2 expected (Dhingra voted to cut bank rate by 25 bps)There has been substantial progress on disinflationThat progress allowed for gradual withdrawal of policy restraint while maintaining restrictivenessGlobal trade policy uncertainty has intensified since last policy meetingOther geopolitical uncertainties have also increasedIndicators of financial market volatility have risen globallyBusiness survey indicators generally continue to suggest weakness in growthA gradual and careful approach to the further withdrawal of monetary policy restraint is appropriateIf inflation pressures are pushed down, it warrants a less restrictive path of bank rateBut if there are second-round effects related to the near-term increase in inflation, this would warrant a relatively tighter monetary policy pathMonetary policy will need to continue to remain restrictive for sufficiently long until the risks to inflation returning sustainably to the 2% target in the medium term have dissipated furtherFull statement

The rate decision is as you would expect and the main language in the statement hasn't changed that much. However, there is a subtle sense that they have become less dovish at the balance. That especially when speaking about the balance of risks to inflation with regards to what they will be doing next.

This article was written by Justin Low at www.forexlive.com.

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