intanto son uscite le minutes della BankofEngland
INSTANT VIEW 3-BoE MPC voted 7-2 for steady rates in June
LONDON, June 22 (Reuters) - Following is a selection of economists' reactions to minutes from the Bank of England's June meeting where Monetary Policy Committee Members voted 7-2 to keep interest rates unchanged at 4.75 percent.
ANALYSTS' COMMENTS
JAMES KNIGHTLEY, ING FINANCIAL MARKETS
"The minutes to the UK's June MPC interest rate decision are far more dovish than expected. After having voted 8-1 in favour of no change last month (the dissenter voting for a hike), this has now reversed with 2 voting for a 25 basis point rate cut.
"Today's release is in line with our long standing view that the BoE will cut interest rates at the August MPC meeting, a point at which they will also publish the Quarterly Inflation Report, which will offer them greater opportunity to explain their decision.
"However, the surprisingly dovish tone means that a July move cannot be entirely ruled out. Looking further ahead, the prospect of ongoing weakness in both consumer and industrial activity, coupled with a growing likelihood of tax hikes means we also look for a further rate cut in 4Q05, most likely in November."
GEORGE BUCKLEY, UK ECONOMIST, DEUTSCHE BANK
"The fact that the Bank's Chief Economist, Charles Bean, has voted for a cut is very important - he is responsible for the Inflation Report forecasts and now thinks inflation might be sub-target in the medium term."
HOLGER SCHMIEDING, ECONOMIST, BANK OF AMERICA
"It is more dovish than expected. There is now a high probability for a rate cut in August. Concerns about consumption are growing and concerns about the euro zone are growing and those two together have led to a significant change of mind at the MPC.
"The last four meetings we have seen votes for a hike, now we see votes for a cut and there was no unanimous vote in between. We are heading for cuts and we think that in summer 2006 we will see rates at 3.75 percent."
ALAN CLARKE, ECONOMIST, BNP PARIBAS
"The fact that two members have voted for a cut is something of a surprise. It is a significant movement to see such a change from the votes last time. That two members have voted for a cut means that some at the Bank of England are finally acknowledging that all is not well with the UK economy."