Bank Of England’s MPC Meeting Minutes

The Bank of England released the minutes from their September 10th MPC meeting, which left bank rates steady at 0.50%. Details from the meeting are as follows:

• Voted 9-0 to keep Asset Purchase Facility at 175B pounds.
• Inflation to be volatile.
• Both members King and Miles believe that larger easing measures are justified.
• Short-term downside economic risks lessened since their August report.
• MPC doves believe that no major news undermined the case for change in quantitative easing program.
• Economic slack is still unlikely to be shrinking.
• Large measure of spare capacity in economy even with positive Q3 GDP.
• Unemployment will continue to rise.
• A rise in asset prices could mark the start of upward inflation spiral.
• Data suggests that an upward revision in Q2 GDP is likely.
• Financial market news may boost nominal spending.
• Equity and housing market recovery may boost credit supply.
• Global data has been stronger than expected.

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