BOE Holds Rate on First Super Thursday

UK interest rates have been held at 0.5% again by the Bank of England’s Monetary Policy Committee.

MPC members voted 8-1 to keep rates on hold, with only Ian McCafferty voting to raise rates.
The decision marks the 78th consecutive month of record-low interest rates. In its report, the Bank said the outlook for inflation was “muted”.

Some economists say a rate rise could now be put off, although governor Mark Carney said it was “drawing closer”.

“Those analysts who predicted a rate rise this year may be on brink of having to rip up their predictions,” said Aberdeen Asset Management chief economist Lucy O’Carroll.

Many analysts had anticipated that two or three policymakers would vote for a rate increase.

via BBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.