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Analysts at Nomura explained that the BoE have  revised growth higher, but that there are increased concerns about protectionism, EM risks and Brexit uncertainty.

Key Quotes:

“Policy was left unchanged at today’s BoE meeting and the Bank believes that its economic forecasts are “broadly on track”. In its summing up, Brexit uncertainty and EM risks appeared to be broadly offset by stronger economic growth and a more sizable than expected pick-up in wage growth at home. We continue to expect the next move up in rates (25bp) in February, and if the data should continue to surprise on the upside some of the more hawkish members of the Committee could even begin discussing another tightening in policy at the November Inflation Report meeting. Whether they vote for such a move so soon is a different matter, particularly with changes in personnel on the MPC recently shifting towards a less hawkish balance.”

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