|
(CEP News) - Markets will pay close attention to the Bank of England's Monetary Policy Committee (MPC) minutes from the November 6 meeting, which could signal more aggressive cuts in December. At the November meeting, the bank cut rates by 1.50%, bringing interest rates to 3.00%.
George Buckley, chief UK economist at Deutsche Bank, said he is not expecting any major surprise in the Bank of England's MPC minutes on Wednesday. Following the inflation report, released last week, markets are expecting the minutes to be extremely dovish, Buckley said, adding that he will be looking for the discussion to reflect a change in policy. "It will be an admission that rates weren't at the right levels," he said. Going forward, Buckley said he is expecting the bank to cut rates by 50 basis points and interest rates to bottom at 1.5%, but "you can't rule anything out." Also scheduled for release is the Confederation of British Industry's (CBI's) industrial trends survey. According to the prior month's survey, UK industrial orders fell at their fastest rate in nine years as the global economic slowdown hindered both domestic and foreign demand. Markets will also hear from two Bank of England deputy governors, Sir John Gieve and Charles Bean, who are scheduled to speak at an event in London. All times in EST: 3:30 EU ECB's Ordonez will appear before the Senate Committee in Madrid 4:30 GB Bank of England to release minutes from November 6 MPC meeting 5:00 EU ECB publishes results of weekly dollar tenders 5:00 EU Construction Output SA (M/M) September Prior: +0.1% 5:00 EU Construction Output WDA (Y/Y) September Prior: -2.5% 5:00 DE Bundesbank's Hans Reckers holds speech in Frankfurt 6:00 GB UK CBI November Industrial Trends 13:40 GB BOE Deputy Governor Sir John Gieve to deliver speech at an event in London 13:40 GB BOE Deputy Governor Charles Bean to deliver speech at an event in London By Steve Stecyk,
This email address is being protected from spam bots, you need Javascript enabled to view it
, edited by Sarah Sussman,
This email address is being protected from spam bots, you need Javascript enabled to view it
CEP Newswires - CEP News © 2008. All Rights Reserved. www.economicnews.ca The Copying, Broadcast, Republication or Redistribution of CEP News Content is Expressly Prohibited Without the Prior Written Consent of CEP News. A copy of CEP News disclaimer can be found at http://www.economicnews.ca/cepnews/wire/disclaimer. |
