BoE leaves Bond Purchasing Policy Unchanged

The Bank of England left its monetary policy unchanged on Thursday, judging that its July decision to expand purchases of government bonds is enough stimulus for now despite the danger of a prolonged slump.

Since the BoE’s Monetary Policy Committee met last month, official data has shown that Britain’s economy is in a much deeper recession than previously thought, with little sign of an imminent rebound, putting pressure on the country’s coalition government to do more to boost growth.

But after a two-day meeting that ended earlier on Thursday, the MPC made no change to its current program to buy 50 billion pounds of British government bonds, which will take its total purchases to 375 billion pounds by early November.

via Reuters

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza