BoE MPC: Recent data broadly in line with Feb. QIR outlook

Here are some of the key highlights from the BoE monetary policy summary:

   •  McCafferty and Saunders voted to hike
   •  Dissenters saw widespread evidence of near-zero slack and accelerating wage growth
   •  May IR would allow a fuller view of underlying economic momentum
   •  MPC note poor weather to have negative impact on Q1 GDP, offset by mining & quarrying output
   •  Net trade, business investment contributing less than anticipated at present
   •  Latest activity suggests Q1 2018 growth now similar to Q4 2017 (0.3%)
   •  MPC unanimous in vote to maintain UK government bond purchases at GBP435B; APF at GBP10B
   •  Recent data broadly in line with Feb. QIR outlook
   •  Impact of US tariffs likely to be limited, however, an unwelcome situation