- As expected, the Bank of England has provided explicit forward guidance, saying its key lending rate will stay at a record low of 0.5% until the U.K.'s unemployment rate drops to 7% from 7.8% in March-May.
- The BOE also doesn't intend to "reduce the stock of asset purchases financed by the issuance of central bank reserves" until the unemployment threshold is met.
- The Monetary Policy Committee is ready to "undertake further asset purchases" as well if necessary.
- The pound (GBB) initially sank against the dollar but quickly recovered and is now -0.1%. (PR)