This was expected to increase pressure on the Monetary Policy Committee to start raising interest rates.
As we know, a majority of his colleagues on the Monetary Policy Committee disagree.
By contrast, the monetary policy committee has shown its willingness to act preemptively.
"It does, however, potentially give the Monetary Policy Committee more flexibility to ease monetary policy further, " he added.
But the betting must be that the Monetary Policy Committee will step up to the plate this week.
Three members of the Monetary Policy Committee voted for more quantitative easing last month - including the Governor himself.
The meeting minutes from Copom, the monetary policy committee, show they are on their way to accomplishing that task.
Indeed, many in the City think the Monetary Policy Committee might vote for more quantitative easing as early as tomorrow.
In the summer of 2008, the Monetary Policy Committee (MPC) was still debating whether to raise interest rates to confront inflation.
But the monetary policy committee know that rising commodity prices could yet come to bite us in the next few months.
The only question is whether the Monetary Policy Committee votes to push the bottom today - or at their next meeting in November.
As well as helping the Monetary Policy Committee to fulfil its inflationary aims, the quantitative easing policy has helped to stoke demand for gilts.
Even so, the impact of the minimum wage depends largely on another gang of nine: the Monetary Policy Committee of the Bank of England.
The IMF makes a pretty strong signal to the Monetary Policy Committee (MPC) not to raise interest rates unless there's a take-off of inflation expectations.
Sushil Wadhwani, a former member of the Monetary Policy Committee and distinguished economist, made his own contribution to that debate in a lecture last night.
Dr Carney was also quite forthright about the potential usefulness of pre-committing the Monetary Policy Committee to keeping rates low for a certain period of time.
There is concern in the sense that this divergent economy poses a problem for the policy makers, namely the Monetary Policy Committee at the Bank of England.
But there are prominent naysayers too, notably David Blanchflower, a former member of the Monetary Policy Committee, and Lord Skidelsky - a former Conservative peer, now a cross bencher.
Patterns of bond trading in the City clearly show that investors believe that the Monetary Policy Committee of the Bank will achieve its target of a 2.5% inflation rate.
Adam Posen, an external member of the Monetary Policy Committee committee which is responsible for interest rates and inflation, said he was concerned about the backing the committee gave to the government's budget.
The Monetary Policy Committee has not made such a dramatic reduction in rates since it was set up 11 years ago--the last time borrowing costs fell so fast in one day was in 1993.
The Bank of England was almost evenly divided over whether to cut interest rates in January, with only five of the nine members of the Monetary Policy Committee voting to hold rates at 6%.
Since joining the Monetary Policy Committee he has regularly made it his business to explain in his speeches what quantitative easing really is - and try to dispel some of the myths about how it works.
Minutes of the last policy meeting of the Bank of England released Wednesday showed outgoing Gov. Mervyn King and two other members of the Monetary Policy Committee supported another cash infusion to revive Britain's ailing economy.
The Monetary Policy Committee (MPC) minutes released this morning revealed again that outgoing BoE Governor Sir Mervyn King and two other officials were defeated in their push for more stimulus for the second month in a row (6-3).
But in last year's report, the OECD's economists also had some free advice for the Bank of England: with the recovery under way, they said the Monetary Policy Committee (MPC) should be getting a move on with rate rises.
The FPC, which will be part of the Bank of England and will sit alongside the Monetary Policy Committee that sets interest rates, is supposed to identify incipient dangers in markets of the sort that led to the great crash of 2007-8.
While emphasising repeatedly the uncertainty of the inflation outlook, Mr King said that the monetary policy committee's central view remained that spare capacity within companies and in the labour market would continue to put downward pressure on inflation in the longer term.
W. Tucker , executive director and member of the Monetary Policy Committee of the Bank of England, warned a week ago that the exponential growth of credit derivatives has resulted in a backlog of confirmations between dealers, meaning that transactions have not been recognized in writing.
Labour's Chris Leslie warned that there might be circumstances under which the aims of the Financial Policy Committee, which primarily focuses on financial stability, clashed with those of the Monetary Policy Committee, which mainly deals with inflation-targeting, but is also obliged to take growth into account when making decisions.
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