Economist at UOB Group Lee Sue Ann reviews the latest BoE event.
Key Takeaways As expected, the Bank of England’s decided to maintain the Bank Rate at 5.25% on 2 Nov, but said monetary policy will likely need to stay tight for an “extended period of time”. There were little changes to the accompanying Monetary Policy Summary and Minutes, which saw slight tweaks.
Our view remains data dependent like the BOE, keeping the view that all options are on the table. Barring any huge upside surprises to services inflation or wage data, our base case remains for the Bank Rate to stay at its peak of 5.25% for now, following 515 bps of tightening since Dec 2021. The next monetary policy meeting is on 14 Dec.
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