It's been an understandably muted reaction to the BOE MPC Minutes
In my preview I noted the expected on-going Brexit concerns and cautious stance on inflation after the Easter-affected rise and that's what we got.
Not a lot else really in what was the usual over-hyped/just in case/ approach with the added curve-ball of so called dovish info received and tweeted by Sky's Ed Conway.
Perhaps he'd like to elucidate further (to his now added followers) as to the nature of his sources given that it had no foundation. Not even a mention of it in discussions, at least none publicly revealed.
"Taking into consideration all of the recent developments, the Committee was unanimous in concluding that maintaining the current stance of policy was appropriate at this meeting. The Committee's best collective judgement was that it was more likely than not that Bank Rate would need to increase over the forecast period Bank of England Minutes of the Monetary Policy Committee Meeting ending on 13 April 2016 7 to ensure inflation returned to the target in a sustainable fashion, although there remained a range of views about the outlook for activity and inflation and the associated risks. 31
All members agreed that, given the likely persistence of the headwinds weighing on the economy, when Bank Rate did begin to rise, it was expected to do so more gradually and to a lower level than in recent cycles. Such guidance, however, was an expectation and not a promise: the path that Bank Rate would actually follow over the next few years would depend on economic circumstances."
So there we have it. Watch, wait, and hope still.
GBPUSD drifting back to 1.4140 reflecting the apathy/anti-climax as we wait on US CPI data at 12.30 GMT
