The Bank of England kept its main interest rate unchanged at 5% Thursday despite a big cut from the U.S. Federal Reserve, its first since the onset of the coronavirus pandemic more than four years ago. The decision was widely expected amid ongoing concerns about inflation within the bank’s monetary policy committee, particularly the elevated … Read more
Spot gold closed with a loss of 0.23% at $2440 on Friday. However, the metal was up 2.30% on the week, a data and event packed week, as the US yields and the Dollar Index pummeled on the economic concerns. In Friday’s session, initially, spot gold surged on a weak non-farm payroll report and came … Read more
The Bank of England has cut interest rates for the first time since the onset of the COVID-19 pandemic in early 2020 as inflationary pressures in the economy have eased. In a statement Thursday, the bank said that by a 5-4 margin, its policymaking panel backed a quarter-point reduction in its main interest rate to … Read more
Arnab Das, Global Market Strategist -EMEA, Invesco, says the UK election was relatively predictable as to the big picture here, which is that power switching from the right to the centre and left. Not much is going to change in the short term. There will be some symbolic changes in taxes here and there, but … Read more
The Bank of England was set to hold its interest rate steady on Thursday despite slowing UK inflation, with higher price risks and Britain’s looming election preventing a cut, according to analysts. The BoE was widely forecast to keep its cost of borrowing at 5.25 percent, a 16-year high, following a regular monetary policy meeting. … Read more
The International Monetary Fund warned Britain’s government on Tuesday that it was on course to miss its debt target and should not cut taxes before an election later this year, with tax rises likely to be needed in future. The IMF increased its projection for British economic growth in 2024 to 0.7% from an April … Read more
The Bank of England (BoE) moved closer to cutting interest rates from a 16-year high after a second policymaker voted for lower borrowing costs and Governor Andrew Bailey said he was “optimistic that things are moving in the right direction.” Deputy Governor Dave Ramsden joined external member Swati Dhingra in calling for an immediate cut … Read more
The Bank of England may offer a clearer signal in the coming week on whether it plans to cut interest rates this summer, just as investors bet on a delayed outlook for easing. Ahead of Thursday’s decision, Governor Andrew Bailey has distanced Britain from resurgent consumer price pressures in the US, pointing to “strong evidence” … Read more
