BoE: preparing for a QE extension in Nov-20
- The BoE’s ongoing easing programme means it need not announce any policy change at this meeting. However, with insufficient room to continue purchases into 2021, Nov-20 is a “live” meeting, which the MPC is likely to warm up toward.- Renewed lockdown restrictions, Brexit risk, and low vacancies probably disappoint the MPC. Together with the disinflationary effect of GBP appreciation, the 2yr forward trade-off turns conventionally dovish, justifying more QE soon, in my view.
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