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BoE edging closer – Rabobank

FXStreet (Guatemala) - Analysts at Rabobank explained that the minutes of the August MPC meeting confirmed that two members of the nine person committee had voted for an immediate 25 bps rate hike.

Key Quotes:

“This was counter to our expectation”.

“Even though the voting pattern appears to suggest that the BoE is edging closer to its first rate rise, we continue to expect that the doves will dominate the MPC for some months yet”.

“In our view, it is difficult to conclude that rates need to rise when real wages growth is negative. Until real wages push higher, there is a strong reason to suspect that underlying demand in the economy will remain restrained”.

“Layered on top of these concerns are the headwinds stemming from slow growth in the Eurozone”.

“For some time we have forecast that the first rate hike from the BoE is unlikely before May 2015”.

“Despite the hawkish leanings of Weale and McCafferty we see risk that a policy tightening could be delayed beyond this date”.

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