The MPC took the unusual step of issuing a detailed statement alongside its no-change decision last week. It may be that the Committee viewed its decision to reinvest its gilts that mature next month as a policy move that required explanation, especially as not all members may have agreed with the move. It also looks as though this Wednesday’s Inflation Report might show a slightly stronger inflation profile than three months ago, meaning that the Committee felt it had to justify why it was keeping policy so loose.
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