Key highlights from BOE meeting with treasury select committee

Bank of England (BOE) governor Mark Carney, along with Kristin Forbes, Gertjan Vlieghe and chief economist Andy Haldane has been taking questions from treasury select committee over economies, monetary policies and other related issues.

Key highlights:

• Mark Carney as always indicated that rate hike to be the next probable move in monetary policies and scrapped the idea of negative rates for UK economy and suggested that he is looking for appropriate time to raise rates. However, he sounded a bit dovish over near term saying that rates are likely to stay low for some time.
• Ms. Forbes maintained her reputation as mild hawk, saying that next move interest rate is expected to be up, while current wage growth may not be sufficient to reach 2% inflation target and scrapping the idea of negative cash as hypothetical.
• Mr. Vlieghe, newcomer at Bank of England sounded mild dovish cautioning over growth and suggesting that negatives rates are interesting ideas but not a policy measure.
• Chief economist Andy Haldane was as dovish as ever, suggesting next move could be up or down and complete scrapping the idea as not worth researching saying there are lots of reasons for it not to be considered as good idea.

Pound is sharply lower however taking cues from dovish side of the comments, being worst performer today. Pound is currently trading at 1.507 against Dollar.