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There was quite some speculation that the BOE would suspend its regularly scheduled meeting due to the coronavirus.
Several other central banks have done so, and the BOE has already taken pre-emptive action by cutting rates and initiating a massive quantitative easing program.
With the reference rate at 0.1% and the BOE set against negative rates, there doesn’t seem much room for policy change.
This has led to a lack of firm expectations from the meeting, with many economists being inexperienced with addressing a worldwide pandemic.
The policy of the UK government in regards to fighting the outbreak has changed quite recently. Therefore, there’s been little time for analysts to recalibrate the context to give a potential outlook for what the central bank might do.
We should note that given the government restriction on movement and meetings, it’s quite possible that the BOE could cancel the meeting at any time. This wouldn’t be a surprise to the mark...
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