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Creeping towards higher rates in the UK?

The latest minutes to the MPC meeting showed a more balanced picture and with the vote remaining at 9-0 for keeping rates on hold, sterling has softened from the levels that were prevailing ahead of the release. Note though that the currency was moving higher early on during the morning session, so perhaps had run away a little in the expectation of something more bullish. The minutes did state that some members saw a reduced risk of a rate rise derailing the recovery. On the other side though, others noted that “a premature tightening in monetary policy might leave the economy vulnerable to shocks”.

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