Bank of England MPC minutes reveal surprise over dovish market expectations

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The Bank of England

Minutes from the Bank of England's (BoE) monetary policy decision on June 5 describe "low" market expectations of an interest rate hike in 2014 as "surprising", amid signs that the economy may be recovering faster than previously thought.

The Monetary Policy Committee's (MPC) view that markets were failing to pick up on the developing growth trajectory may have prompted governor Mark Carney to forewarn of a possible rate rise later this year.

An increase in Bank rate, the BoE's key rate, "could

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