Divyang Shah, Senior IFR Strategist
But Carney will also get the chance this week to potentially change the bland post-meeting statement with a Fed or BoC style statement.
In the event that the BoE leaves policy unchanged they have tended to highlight this fact as well as the date for when the minutes are released.
The BoE could instead decide to let the market know what was behind an unchanged decision and take a first step toward increased communication.
Our understanding is that while there is a formal process with regards to a vote on policy there is less so on communication.
If Carney wanted to make changes to how the bank communicates after the MPC meeting then he could canvas the intentions of the rest of the MPC. Provided there was no violent disagreement, he could get things moving on this front.
There is no vote so it’s up to the chairman to use his discretion.
