The Bank of England minutes for the April meeting unexpected reflected a change in view and rhetoric among the Members of the Policy Committee as the MPC saw more risk that inflation over the medium term might be persistent.

The view among the members changed and also tipped Adam Posen with the majority as eight members of nine voted to keep the Asset Purchase Facility (APF) at the current 325 billion pounds leveling David Miles the only dove member that insisted on the increase of 25 billion pounds.

The view was stead on interested rates with a unanimous vote to keep rates at the 0.5%. Sterling appreciated directly on the news as the minutes downplayed the chances for more easing in the coming period opposed to what was previously expected by the market or even prepared to see if the likelihood increased for a May increase in the APF as the February expansion expires.