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Like the Federal Reserve, Bank of England policymakers also have their backs against the wall because the unemployment rate is falling faster than they anticipated. The BoE tied itself to an unemployment rate threshold and they are now only 0.1% away from that level. Aside from providing their latest economic forecasts, the Monetary Policy Committee will often telegraph major changes in policy in their Quarterly Inflation Report. At bare minimum, the BoE will need to update their forward guidance and could choose to abandon their unemployment rate threshold or lower it. Abandoning the threshold would create less volatility for their financial markets and currency than a change in the level of the threshold but both scenarios would most likely be negative for sterling.
