In its latst Financial Stability Report (FSR), the Bank of England (BOE) said that the Monetary Policy Committee (MPC) agreed not to tighten the rates further unless inflation sustainably moving to the target. The BOE also said, that negative policy rates at this time could be less effective as a tool to stimulate the economy.
The Bank's quarterly Economic Projections suggested the following changes from its May projections.
GDP Forecasts
UK GDP -9.5% in 2020 (May Scenario: -14%), +9% In 2021 (May Scenario: +15%) and +3.5% In 2022 (May Scenario: +3%).
CPI Projections
UK CPI 0.25% in 2020 (May Scenario: 0.6%), 1.75% In 2021 (May Scenario: 0.5%) and 2% In 2022 (May Scenario: 2.0%).
Unemployment Targets
UK Unemployment 7.5% In 2020 (May Scenario: 8%), 6% In 2021 (May Scenario: 7%).
Market reaction
With the upbeat forecasts by the "Old Lady", GBP/USD stays well bid near 1.3180 while refreshing the five-month high 1.3200 by the press time of early Thursday.
Read: BOE Quick Analysis: Three pound-positive on Super Thursday open door to new highs
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