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TEXT-Bank of England's Monetary Policy Summary

BY Reuters | ECONOMIC | 09/19/24 07:16 AM EDT

12 noon BANK OF ENGLAND MONETARY POLICY SUMMARY, SEPTEMBER 2024

The Monetary Policy Committee (MPC) sets monetary policy to meet the 2%

inflation target, and in a way that helps to sustain growth and employment. The

MPC adopts a medium-term and forward-looking approach to determine the monetary

stance required to achieve the inflation target sustainably.

At its meeting ending on 18 September 2024, the MPC voted by a majority of 8-1

to maintain Bank Rate at 5%. One member preferred to reduce Bank Rate by 0.25

percentage points, to 4.75%. The Committee voted unanimously to reduce the

stock of UK government bond purchases held for monetary policy purposes, and

financed by the issuance of central bank reserves, by Stg 100 billion over the

next 12 months, to a total of Stg 558 billion.

Monetary policy decisions have been guided by the need to squeeze persistent

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

Before investing, consider the funds' investment objectives, risks, charges, and expenses. Contact Fidelity for a prospectus or, if available, a summary prospectus containing this information. Read it carefully.

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