TAILIEUCHUNG - MINUTES OF THE MONETARY POLICY COMMITTEE MEETING

The choice curve is bas reflect their its own curr ed on the arg credit risk. A ency is assum of the . Tre u bo ed ment that the yi nd issued by a g asury yield curve as the risk-free elds on bonds its yield sho rates on participant es to suppl to the econ . Treasury sec y uld equal the r ur s’ views on a variety of factors inc and demand for high quality credit relative omic cycle, the effect of inflation and investor k-free rate of interest. Interest ities are influenced by market luding chang is to have no credit risk so that overnment in expectations on interest rate levels, yield curve. | Publication date 19 September 2012 MINUTES OF THE MONETARY POLICY COMMITTEE MEETING 5 AND 6 SEPTEMBER 2012 These are the minutes of the Monetary Policy Committee meeting held on 5 and 6 September 2012. They are also available on the Internet http publications minutes Pages mpc pdf 2012 The Bank of England Act 1998 gives the Bank of England operational responsibility for setting interest rates to meet the Government s inflation target. Operational decisions are taken by the Bank s Monetary Policy Committee. The Committee meets on a regular monthly basis and minutes of its meetings are released on the Wednesday of the second week after the meeting takes place. Accordingly the minutes of the Committee meeting to be held on 3 and 4 October will be published on 17 October 2012. MINUTES OF THE MONETARY POLICY COMMITTEE MEETING HELD ON 5 AND 6 SEPTEMBER 2012 1 Before turning to its immediate policy decision the Committee discussed financial market developments the international economy money credit demand and output and supply costs and prices. Financial markets 2 Trading volumes in financial markets had been unusually light during August even allowing for seasonal variations. Market participants had remained focused on the prospects for changes in policy in the major economies particularly in the euro area. Some clarification was expected from the ECB at its September policy meeting on what steps it would take to reduce the perceived risk of currency redenomination incorporated into the yields on the sovereign debt of some euro-area member states. In anticipation of this announcement Spanish and Italian government bond yields had fallen particularly for bonds with short residual maturities but yields on longer-term bonds had risen in the second half of the month and at the time of the meeting the yield on Spanish ten-year government bonds was over 6U . 3 In the United States interest rates had fallen across the yield curve towards the

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