Wednesday, Sep 23, 2009

MPC Minutes: QE Pause (100%); no discussion on deposit rate reduction

Reuters: Sterling up, Sterling up, BoE minutes show unanimous QE pause

Sterling rallied on Wednesday after Bank of England minutes showed no policymakers voted to increase its asset buying plan and that cutting the interest paid on bank reserve deposits was not discussed.
BoE Monetary Policy Committee members voted unanimously to keep the asset purchase programme at 175 billion pounds in September and to keep interest rates at a record low 0.5 percent, the minutes showed.
They gave no indication the MPC had considered cutting the remuneration rate on commercial banks' deposits with the BoE -- an issue aired by Governor Mervyn King last week in testimony that markets took as offering a grim view on the UK economy.

Posted by 51ck-6-51x @ 05:07 PM (1535 views)
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1. 51ck-6-51x said...

[ Not sure how I got the chant into the title there. It does only say "Sterling up" once. ]

Wednesday, September 23, 2009 05:09PM Report Comment

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3. 51ck-6-51x said...

- Risk and reward are related? Well I never.

Wednesday, September 23, 2009 05:53PM Report Comment

4. paul said...

A touch of town crier there, 666.

"Oh hear ye this, or hear ye this. On this the 23rd day of September, ... "

Wednesday, September 23, 2009 05:53PM Report Comment

5. 51ck-6-51x said...

- I don't like the acronym much but you made me LOL :)

Wednesday, September 23, 2009 05:55PM Report Comment

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7. hpwatcher said...

The next thing we will be hearing about now is inflation. Expect sky high interest rates and cuts....and a change of government.

Wednesday, September 23, 2009 06:55PM Report Comment

8. dgj said...

yeah sterling up such a small amount to put into in the green today....

Wednesday, September 23, 2009 07:08PM Report Comment

9. jack c said...

hpwatcher - good piece in this weeks investment week from Bryn Jones of Rathbones (its not available yet on line) but the point he makes is that inflationary pressures pose a greater risk than is currently being flagged - Bank of Israel hiked in face of 4% inflation at end of August and whilst its not the hot bed of central banking policy it was one of the first to cut when the credit crisis struck. The Bank of Korea is another to watch as it is worried about its housing market - so there is substance in your statement

Wednesday, September 23, 2009 07:29PM Report Comment

10. robh said...

It gives me a warm glow thinking of strikes and 15% interest rates and an Tory government slashing everything... and probably a fuel crisis...

My youth relived

As long as we don't get punk again... I don't think the blubber children these days have the energy... they seem to have the spite though... some kind of wii punk perhaps

What do contributors think of wii 'conkers'? I thought of it today

Wednesday, September 23, 2009 08:41PM Report Comment

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