Bank Of England Keeps Rate On Hold For Fifth Time
21 3월 2024 - 6:42PM
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The Bank of England maintained its key policy rate for the fifth
straight session on Thursday, with no members seeking a hike as
inflation is expected to ease faster than expected. The Monetary
Policy Committee, led by Governor Andrew Bailey, voted 8-1 to keep
the bank rate unchanged at 5.25 percent. No members called for a
tightening this time.
The current bank rate is the highest since early 2008.
Swati Dhingra sought a quarter point reduction to 5.00 percent.
The policymaker assessed that waiting for more reassurance before
reducing Bank Rate would weigh further on living standards and
supply capacity. Policymakers said the MPC remained prepared to
adjust monetary policy as warranted by economic data to return
inflation to the 2 percent target sustainably.
"…the Committee would keep under review for how long Bank Rate
should be maintained at its current level," the central bank
said.
The MPC stuck to its stance saying that monetary policy will
need to remain restrictive for sufficiently long. The BoE's status
quo decision came after the US Federal Reserve retained its policy
rate on Wednesday.
In Europe, the Swiss National Bank surprised markets earlier on
Thursday with an unexpected interest rate cut. The SNB had lowered
the policy rate by a quarter-point.
UK inflation has fallen to a near two-and-a-half year low of 3.4
percent in February on easing food price inflation.
The BoE projected CPI inflation to fall slightly below the 2
percent target in the second quarter of 2024, marginally weaker
than previously expected owing to the freeze in fuel duty announced
in the Budget.
Capital Economics' economist Ruth Gregory said inflation will
fall further and faster than the BoE expects and this will change
the central bank's tune in the coming months. The economist
forecast the apex bank to cut the rate in June and the rate to fall
to 3.00 percent next year.
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