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Bank of England holds interest rates at 3.75% as inflation fears mount
Policymakers voted 6-3 to hold, with June inflation easing to 2.6% and three members warning that energy risks still threaten prices.
- On Thursday, the Bank of England's Monetary Policy Committee voted 6-3 to keep the Bank Rate at 3.75%, pausing to assess fallout from renewed fighting in Iran.
- Consumer price inflation slowed to 2.6% in the 12 months through June, a 15-month low that gave the Committee breathing room to hold the benchmark rate.
- Committee members Megan Greene, Huw Pill, and Catherine Mann dissented, voting for a 25 basis point hike and warning that prolonged energy uncertainty in the Gulf and Red Sea threatened inflation targets.
- Renewed fighting pushed Brent crude above $100 a barrel on July 23, with prices trading at about $92 on Thursday, reflecting ongoing Middle East uncertainty.
- The Federal Reserve on Wednesday kept its key rate at 3.5% to 3.75%, with Chairman Kevin Warsh saying the Fed "will not hesitate to act" to keep inflation under control.
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The Bank of England left interest rates unchanged at 3.75 percent, as expected, the bank said on Thursday after a monetary policy meeting in London.
·Vilnius, Lithuania
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Bank of England keeps interest rates on hold at 3.75 per cent
The Bank of England kept interest rates on hold as expected on Thursday, but a third policymaker backed a rate hike due to renewed conflict between the United States and Iran. The Monetary Policy Committee voted 6-3 to keep rates at 3.75 per cent rather than the 7-2 split most economists polled by Reuters had […]
·Nicosia, Cyprus
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Total News Sources69
Leaning Left9Leaning Right13Center18Last UpdatedBias Distribution45% Center
Bias Distribution
- 45% of the sources are Center
45% Center
L 23%
C 45%
R 32%
Factuality
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