Bank of England presses pause on rate cuts, highlights 'gradual approach'
Publishing timestamp: 2024-09-19 11:00:49
Summary
Bank of England holds interest rates steady, plans to reduce stock of bonds over next 12 months. U.K. economy expected to return to 0.3% growth per quarter. BOE sustains losses on QT program but Governor Andrew Bailey contends it is necessary. Fed Chair Jerome Powell announced rate cuts in U.S. Many strategists expected smaller cut. BOE's decision likely locked in before Fed's announcement. Market analysts expect a rate cut in November. Labor government in U.K. set to deliver first budget in October.
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Keywords: jerome powell, inflation, interest rates, business news, markets, breaking news: europe, economy, stoxx 600, central banking, breaking news: markets,
Source: https://www.cnbc.com/2024/09/19/bank-of-england-september-rate-meeting.html