Highlights of the minutes from the July 2015 Bank of England monetary policy meeting 22 July 2015
- Prior vote 9-0 to keep rates unchanged
- Decision on rates in July was clear cut
- Without Greek crisis, decision becoming more finely balanced
- Even without external risks current stance of monetary policy remained appropriate
- Differences between members over how much domestic cost pressures on inflation had increased
- Sterling strength to bear down on banks inflation forecast and speed of pass-through to CPI uncertain
- Events in Greece and China overshadowed the pick up in global economic growth after Q1 slowdown
- Bank staff expect quarterly GDP of 0.7% in Q2 & Q3
So no change in vote and the pound dipped to 1.5580 before focusing on the "more finely balanced" comment and running to 1.5647 on the fact that Greece may have played a hand in keeping the hawks on their perch. With that out of the way the spotlight will now be on August
