With Mervyn King signalling already that interest rates were unlikely to fall again, this MPC meeting was all about the unconventional policy measures - so-called “quantitative easing” or QE - undertaken by the Committee over the last month. But the Committee disappointed expectations that it might give an early assessment of the progress and effectiveness of QE. In a minimal statement, it confirmed only that it has completed around one third of the asset purchases it last month voted to undertake and that it will continue with the remainder over the next two months.
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