The UK's big day came and went—and ultimately very little changed. Neither the much-anticipated government spending review nor the Bank of England Monetary Policy Committee's latest minutes contained any surprises.

Chancellor George Osborne stuck to previously announced spending plans, while providing more detail of where the axe will fall. Meanwhile, the MPC split three ways over the future direction of monetary policy-but with no new recruits to the dovish or hawkish camps. Not surprisingly, bond, equity and foreign-exchange investors remained largely unmoved.