Bank of England set to keep rates at 15-year high despite slowdown signs
© Reuters. FILE PHOTO: A bus passes the Bank of England in the City of London, Britain, February 14, 2017. REUTERS/Hannah McKay/File Photo
Last week the European Central Bank kept rates unchanged and the U.S. Federal Reserve did the same on Wednesday as they wait to see if the worst inflation outbreak in decades has really been quelled. "The BoE will most likely therefore be keen to keep all options open, but seems set to wait and observe how much pain the previous hikes have caused before changing rates again in either direction," Riddell said.BoE Governor Andrew Bailey and other top officials at the central bank have acknowledged that their rate hikes to date are weighing on the economy. But they have also stressed they will not flinch in their task of bringing inflation down.
The central bank said in its last set of economic forecasts in August that inflation would only return to 2% in the second quarter of 2025. As well the data, the BoE is keeping an eye on political news: Prime Minister Rishi Sunak is under pressure from within his Conservative Party to cut taxes ahead of a national election expected next year.
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