Bank of England meeting likely to pass without much fanfare - BBH

According to the analysts at BBH, the forthcoming Bank of England’s meeting, like the BOJ meeting, is likely to pass without much fanfare.  

Key Quotes

“Under past governors, when the Bank of England didn't do anything, they wouldn't say anything.  That was then.  Now, in the new era of greater transparency and enhanced communication, the BOE will hold a press conference and release the minutes simultaneously.  The minutes themselves are a channel of communication and not simply an objective record of the meeting.”

“The two key drivers of sterling presently are Brexit and interest rate differentials.  The discount to the US is near record levels.  The Brexit amendments return to the House of Commons this week.  The Tory majority should be sufficient to defeat them.  A formal trigger is still seen as most likely before the end of the month.”

“Two other Brexit-related issues have arisen:  A second Scottish referendum and maybe an early UK election.  The former is seen as sterling negative.  The latter has been denied by 10 Downing Street, but the political logic, with Labour continuing to falter, is not deterred by the more complicated legislative process that is required. The Tories themselves would need to vote no confidence in its own government in order to topple it and trigger the new elections.”