The Bank of England's Market Participants Group (MPG) met on 24 September 2026, where discussions focused on the September Monetary Policy Committee (MPC) decision and broader financial market conditions. Market participants concurred that the prevailing macroeconomic outlook, alongside the MPC's communications, was consistent with financial market expectations that Bank Rate may need to be raised. They observed that expectations for Bank Rate increases, along with risk premia, were evident in the market curve profile.
Attendees also positively viewed the announced multi-year plan for unwinding the stock of gilt purchases held for monetary policy purposes. They welcomed the increased transparency and predictability this plan provided.
Internationally, the group discussed developments in major advanced economies, focusing on how geopolitical uncertainty and the future path of energy prices have impacted different countries. They also considered the drivers of higher global bond yields, including the resilience of major economies to the energy shock and the impact of duration supply.