BoE MPC likely unanimous, robust labor-market data expected

The BoE MPC minutes will be released on Wednesday along with labour-market data.

The February inflation report showed that the MPC believes the impact of lower energy prices is likely to have onlya transitory effect on headline inflation. 

Standard Chartered notes as follows..

• The Bank of England's Monetary Policy Committee (MPC) likel yto have voted 9-0 to keep the bank rate unchanged at its February meeting. 
  
  
• Labour-market data will likely continue to show that employment continues to grow at a healthy pace (we expect the unemployment rate to fall to 5.6% from 5.7%). 
  
  
• The MPC will analyse labour-market and wage-growth data to gauge the remaining spare capacity in the economy and the likely domestic inflationary pressures. 
  
  
• Wage growth has picked up since the summer; however, it remains below the pre-crisis long-term average growth rate.