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BOE provides forward guidance

  • 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)
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