Brexit drives a wedge between BoE and markets

Market view of future UK rates appears out of line with Monetary Policy Committee

One of the features of modern central bank decision-making committees, such as the Bank of England’s (BoE) Monetary Policy Committee (MPC), is that they are operationally independent. This means they should base their interest rate decisions on the need to control prices in line with a mandated target – a consumer price index (CPI) level of 2% in the UK’s case. 

The focus on a clearly defined inflation target by a credible institution should also ensure market participants can respond to

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