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BoE October Minutes not expected to bring anything new - RBS

FXStreet (Łódź) - Ross Walker, Senior UK Economist at RBS expects the minutes from the last BoE MPC meeting and due out on Wednesday, October 22, to show an unchanged 7-2 vote.

Key quotes

"The MPC left Bank Rate and QE settings unaltered in October and there was no policy statement – as expected. We expect the October MPC Minutes to show a repeat of the 7-2 votes in August and September (with Mssrs Weale and McCafferty again backing an immediate 25bp rise in Bank Rate)."

"The main focus in the text of the Minutes will be on any signs that the majority-7 are edging closer to voting for a Bank Rate hike."

"We suspect that, given the data flow over the past month and the fact that we are just a month from the November Inflation Report, there will be little by way of new content in the October Minutes."

"Rather, any change in the MPC’s policy signaling is more likely in November in the context of the latest quarterly forecasts – on our forecast, preparing the ground for a 25bp Bank Rate hike in February 2015."

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