The Bank of England released its latest minutes on Wednesday which showed that it was an unanimous decision (9-0) in May to keep interest rates unchanged at 0.5%. While there will a range of views over the most likely path for interest rates, all the members agreed that rates more likely than not to rise over 3 years and members also viewed the UK 10-year gilts yields remained unusually low despite the increase experienced in April. The MPC also noted that the markets brought forward rate hike expectations after the release of the April MPC minutes and it also viewed that zero rate environment unlikely to last and the members expect a notable increase in towards end of 2015.
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