Mar 26
GBP: Updated BoE call and MPC Minutes
The minutes from MPC's January meeting were released today. We, and the markets, were surprised by the hawkish tone to the minutes. As a reflection of the more hawkish outlook for UK monetary policy, only one MPC member (Blanchflower) voted for a reduction of the policy rate at the January 10 MPC meeting. This is a surprising; we had expected a more balanced voting result. The background to this surprise is that the MPC is more worried about inflation than the markets. It sees substantial