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UK: BoE maintains 0.5% rate and £375B QE

The MPC decided to keep the key rate at 0.5% and the asset purchases at £375B, as expected by investors, in the meeting of February 7. “The MPC continues to judge that the UK economy is set for a slow but sustained recovery in both demand and effective supply, aided by a further easing in credit conditions – supported by the Bank’s programme of asset purchases and the Funding for Lending Scheme – and some improvement in the global environment”, said the statement, eyeing risks to the downside, not least because of the challenges facing the euro area. 

“The £6.6 billion cash flow comprises the redemption payment on the gilt, as well as the cash flow resulting from the indemnity provided by HM Treasury to the Bank of England in order to cover any difference between the redemption payment and the original amount invested”, added the official statement.

European markets higher ahead of ECB, UK stocks down after Carney and BoE

The German DAX 30 (+0.12%), the French CAC 40 (-0.08%), the Italian FTSE MIB (+0.66%), and the Spanish IBEX 35 (+0.65%) are up ahead of the ECB policy decision and Draghi's press conference, expected to address the liquidity and euro strength issues. “The higher EUR-USD prices are therefore mainly a reflection of increased investor confidence, which Draghi is likely to welcome”, wrote Commerzbank analyst Karpowitz, adding that he will not be prepared to begin a debate about an active exchange rate policy, an absurd proposal.
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