BoE: QE for time and space over pace
- The BoE downgraded its forecasts, as expected, returning to a more conventional policy trade-off in the process. Risk management considerations encouraged the MPC to exceed expectations, which it did by announcing a £150bn increase to the QE target.- This announcement encompasses the next increase I expected for February. It also creates room to maintain a tapered pace from May for three months longer than I expected, to Nov-21. The space to respond to market malfunction may matter more.
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