【真灼港股名家】经济增长乏力 英伦银行QT步伐却放慢

Core Viewpoint - The Bank of England (BoE) is expected to maintain its key interest rate at 4% during the upcoming monetary policy meeting, while also slowing down its plan to reduce government bond holdings due to rising bond yields and economic challenges [1][2]. Group 1: Monetary Policy - The BoE lowered its key interest rate from 4.25% to 4% last month, continuing a gradual easing cycle that began in August 2024 to address economic slowdown following inflation spikes in 2022 [1]. - The BoE's current strategy involves a cautious and gradual approach, with rate cuts of 25 basis points every three months [1]. - There are indications that the BoE may not lower rates in the upcoming meetings in November or December, as four out of nine members of the monetary policy committee voted against a rate cut last month [1]. Group 2: Quantitative Tightening (QT) - The BoE is expected to slow down the pace of its quantitative tightening, having reduced its government bond holdings by £100 billion over the past 12 months, bringing the total from a peak of £895 billion to £586 billion by the end of August [2]. - The market anticipates that the QT pace will significantly slow to approximately £70 billion, as rising bond yields have increased government borrowing costs [2]. - The BoE's approach to reducing bond holdings primarily involves allowing bonds to mature without reinvestment, with some active sales, which differs from the strategies employed by the Federal Reserve and the European Central Bank [2].