Sterling hit a 19 month high against the euro after the MPC minutes
revealed that UK monetary authorities voted 9-0 to keep rates unchanged
and 8-1 not to expand QE any further as concerns over inflation cast a
decidedly hawkish tone to the meeting. Adam Posen ended his push for
further Bank of England stimulus this month and David Miles
described his view on the need for more as “finely balanced”
as officials said inflation may turn out faster than forecast.
“There was a greater chance than before that above-target
inflation would persist into the medium term,” the minutes
said.
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