BoE Signals Faster Rate Hikes On Brexit Uncertainty
2018年11月1日 - 7:06PM
RTTF2
Bank of England policymakers unanimously decided to maintain the
monetary policy stance at the meeting, but signaled faster rate
hikes than the current market expectations over Brexit
uncertainties.
Although the impact of Brexit cannot be determined in advance,
the Monetary Policy Committee vowed to respond to any material
change in the outlook.
Inflation is forecast to stay above the 2 percent target over
the coming two years and the bank kept growth projections broadly
unchanged, while warning that much will depend on Brexit.
At November's MPC meeting, all policymakers including Governor
Mark Carney, voted to keep the key rate unchanged at 0.75 percent.
The committee also unanimously decided to maintain the quantitative
easing through asset purchases at GBP 435 billion.
Policymakers judged that the current stance of monetary policy
remained appropriate.
"… were the economy to continue to develop broadly in line with
the November Inflation Report projections, an ongoing tightening of
monetary policy over the forecast period would be appropriate to
return inflation sustainably to the 2 percent target at a
conventional horizon," the bank said.
The implications for the appropriate path of monetary policy
will depend on the balance of the effects on demand, supply and the
exchange rate, the BOE added.
The MPC repeated that the monetary policy response to Brexit,
whatever form it takes, will not be automatic and could be in
either direction.
The bank also reiterated that any future increases in interest
rate are likely to be at a gradual pace and to a limited
extent.
The BoE assessed that the economic outlook will depend
significantly on the nature of EU withdrawal, in particular the
form of new trading arrangements, the smoothness of the transition
to them and the responses of households, businesses and financial
markets.
According to the latest quarterly Inflation Report, released
Thursday, the outlook for growth over the forecast period was
little changed. The economy is forecast to expand 1.3 percent this
year and 1.7 percent in 2019.
CPI inflation was projected to be above the target for most of
the forecast period, before reaching 2 percent by the end.
Further, policymakers viewed that business investment has been
more subdued than previously anticipated, as the effect of Brexit
uncertainty has intensified.
The BoE cautioned that an abrupt and disorderly withdrawal from
EU could result in delays at borders, disruptions to supply chains,
and more rapid and costly shifts in patterns of production,
severely impairing the productive capacity of UK businesses.
US Dollar vs Yen (FX:USDJPY)
FXチャート
から 3 2024 まで 4 2024
US Dollar vs Yen (FX:USDJPY)
FXチャート
から 4 2023 まで 4 2024