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Central Bank Outlook: BoE Minutes Hint At Upcoming Stimulus
- The Bank of England (BoE) Minutes from June 6-7 showed a narrow 5-4 decision in favor of keeping the Bank’s bond-purchase target unchanged at £ 325 bln. The Monetary Policy Committee (MPC) preferred to wait to see how elections in France and Greece unfolded before adjusting policy.
- However, most MPC members judged that “further economic stimulus was either warranted immediately or would become warranted in order to meet the inflation target,” most likely in July.
- The BoE still favors expanding the asset purchase program over cutting the Bank Rate as the policy tool of choice.