We expect the Monetary Policy Committee (MPC) to vote unanimously to keep interest rates on hold at +0.10% on Thursday 6th August and to continue with, but not extend, quantitative easing (QE). But the Committee may also send a signal that more monetary policy stimulus will be needed at some point. It could also revise down its estimate of the effective lower bound from +0.10% to a little below zero, leaving the door open to negative rates.
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