According to analysts from Brown Brother Harriman, the Bank of England (BoE), recognized today that the economy has lost some momentum and that uncertainty about the Brexit referendum may already by taking an economic toll. Key Quotes: “No one can feign surprise that the Bank of England kept policy steady. Nor was the 9-0 vote truly surprising, though there had been some speculation that of a couple of dovish dissents.” “The BOE recognized what many in the market have already accepted; namely that the economy has lost some momentum. Growth for Q1 is estimated at 0.4%, which represents a some moderation.” “The BOE suggests that the uncertainty about the referendum may already be taking an economic toll. Whether the minutes reflect the actual discussion or is used as a communication device, the risk of Brexit is of greater concern. Surely this is because of the potential economic risks posed by a Brexit decision.” “Surveys suggest economists mostly anticipate the first BOE hike in Q1 2017. The markets don't appear to be pricing in the first hike until late-2017. Our view is conditional on the outcome of the referendum. Some polls suggest the outcome has tightened while the events market PredictIt shows a 38% chance of Bexit, which is largely flat in recent weeks.” For more information, read our latest forex news.