The Bank of England’s Monetary Policy Committee (MPC) released their inflation report for May 2014. The dovish tone of the pre-prepared text, led to sterling trading new session lows in the FX market, as the optimism for an interest rate hike in the near term was dampened as Carney attempted to lower expectations. The BoE left their forecasts for both inflation and growth almost unchanged from the previous release, reinforcing the expectation for a rate hike will not be until 2015.…
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