Divided Bank of England leaves policy unchanged, says interest rates are 'under review'
Publishing timestamp: 2024-02-01 08:28:20
Summary
The Bank of England has held interest rates steady at 5.25%. The Monetary Policy Committee voted 6-3 in favor of holding rates, with some members favoring a rate hike and one member voting for a rate cut. Inflation is projected to fall temporarily to the bank's 2% target in the second quarter of this year before rising again. The bank remains prepared to adjust monetary policy as warranted by economic data. There is speculation about the timing of interest rate cuts, with some suggesting they may be introduced sooner rather than later. However, the majority of MPC members still advocate for rates to remain at current or higher levels.
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