The Bank of England Monetary Policy Committee keeps notes from its rate decision meetings. The detailed minutes from these meetings give some of the best insight into the monetary policy decision making process and what the BOE thinks about economic developments inside and outside of the UK.

Markets tend to focus most of their attention on the key points discussed during the meeting that suggest future interest rate changes. For example if the minutes state that high consumer spending and a rapidly expanding housing market are fueling inflation, then markets participants will tend to monitor these key sectors closely in order to gauge the likelihood of a rate increases in the future.

Because minutes come out two weeks after the BOE meets, markets will discount some information in the report. Market participants tend to read into the overall mood the Bank of England gives during the meeting. If the BOE is cautious about the inflationary outlook for the economy (characterized as "Hawkish"), then the market has a higher likelihood of future rate increases. If the Bank is optimistic ("Dovish") it suggests to markets that inflation is in check and that future rate increases are less likely.

Relevance: Tends to move markets on release
Release Schedule : Two weeks after the date of the policy decision
Source of Report : Bank of England Monetary Policy Committee
Web Address : http://www.bankofengland.co.uk
Address of Release : http://www.bankofengland.co.uk/publications/minutes/index.htm Refer to the most recent Monetary Policy Committee Minutes.