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As expected the Bank of England kept its interest rate at record low of 50 basis points and announced that it will continue with its 125 billion pound asset purchase program designed to ease monetary and credit conditions in the UK economy. In its post announcement release the UK central bank noted that, “The Committee expects that the announced program will take another month to complete. The Committee will review the scale of the program again at its August meeting, alongside its latest inflation projections.”
Pound spiked in the aftermath of the release rising to 1.6269 while gilts declined as traders that speculated earlier that BOE would commit another 25 Billion to the program quickly covered their shorts. The fact that the MPC decided to remain stationary at 125 Billion GBP suggests that UK monetary officials believe that economic conditions have stabilized and for the time being require no further financial triage.
Source: FX360.com