MPC on hold
Simon Ward
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The MPC-ometer’s suggestion that a majority would vote in favour of more QE this month proved incorrect but the minutes are likely to reveal a further dovish shift, with Adam Posen no longer isolated. Perhaps some members were deterred from voting for immediate action by the apparent assault on the Committee’s independence by Chancellor Osborne in a speech earlier this week, in which he stated that "we will do everything we can to keep monetary conditions throughout the economy as growth-friendly as possible” (noted by David Smith).
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