We will also learn more about the actions of other central banks and the effects of the Omicron variant. The first option, namely to reduce the pace of purchases from mid-February with an expectation of a likely end point in May, is broadly consistent with the Bank's forecasts in November for employment and inflation.
If better-than-expected progress towards the Board's goals was made, then the case to cease bond purchases in February would be stronger. Alternatively, if progress is slower than expected, or if the outlook becomes more uncertain, the case for retaining flexibility and reviewing again in May would be stronger.