ING Think
It comes as no surprise that November's MPC meeting was a non-event. The base rate has been at 0.90% for 30 months while the O/N deposit rate is -0.05% and the O/N collateralised loan rate is 0.90%. We've known since September that the central bank wouldn't alter its monetary policy without first changing its forecast. The surprisingly strong CPI and GDP readings recently might have an impact in December, the next opportunity for the NBH to review forecasts in its Inflation Report. More...
