All you need to know about the BOE decision
- The Bank of England left monetary policy unchanged: the benchmark rate at 0.25% and the Asset Purchase Facility (APF) at 435 billion pounds.
- Both decisions were unanimous.
- The central bank’s overall view of the economic outlook remained the same.
- The majority of MPC members expect a rate cut during the course of the year, if the BOE November outlook won’t change much from August.
- GDP growth forecast for Q3 was raised up from 0.1% to 0.3%.
- MPC members Forbes, McCafferty said outlook does not warrant expanded QE, but it’s too costly to reverse August decision.
The regulator tried to make its statement as balanced as possible. GBP/USD met resistance at 1.3250 and fell to test levels below 1.3200.