Bank of England Monetary Policy Summary
Event Date: Monday, August 24, 2020
Event Time: 11:30 CET
Updated Tuesday, August 18, 2020
The summary by the Bank of England gets released at the same time as the decision regarding interest rates. The monetary policy summary and the press conference usually take the attention because the decision regarding interest rates is mostly priced in by the time it happens. Although, most of the attention from the BOE will be on Brexit and the political situation which has became more clear now, but the UK is still heading towards Brexit and they have to strike a deal with the EU before the end of 2020, so it will be interesting to see what the BOE thinks now regarding the economy, after Boris Johnson won a strong majority in December. I expect them to sound increasingly dovish, after the coronavirus outbreak and the reopening, which is not going that well. Please follow us for a live coverage in real time of the event by experienced analysts.
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About Bank of England Monetary Policy Summary
The monetary policy summary is one of the main ways that the Bank of England (BOE) communicates with the public. The monetary policy is very important for the currency because, through it, the BOE injects or extracts liquidity into the system, which in turn affects the GBP. The GBP tends to rally when the summary is more hawkish. A more hawkish statement means that the economy is doing well. The BOE is likely to tighten the monetary policy by increasing interest rates or withdrawing money from the financial system. The monetary policy summary also shows the BOE members’ votes on interest rate moves, increasing the importance of this statement.