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BoE keeps interest rates unchanged, inflation in focus

Thursday, Oct 08 2015
Bank of England policy makers said the U.K. economy is withstanding international pressures, while also signaling they have room to keep the benchmark rate at a record low as inflation weakness persists. In the minutes of its October meeting, the Monetary Policy Committee weighed the risks of a further global slowdown against resilient domestic demand and consumer spending. The panel voted 8-1 to keep the key rate at 0.5 percent, with Ian McCafferty maintaining his call for an increase.
 
“Although there remained a risk that emerging-market prospects might deteriorate further, there had so far been few signs of a material effect on business and consumer confidence in the advanced economies,” it said. The near-term outlook for inflation had weakened since August, the committee said, and price growth “now appeared likely to remain below 1 percent until Spring 2016.” In the central bank’s analysis, unit-labor costs aren’t yet strong enough to push inflation back to its 2 percent target.
 
Sterling was pushed after the Minutes and is currently being traded few points above 1.53 level. Pair is likely to find support around1.5250 handle and resistance above 1.5350 area. Later today, in the US session, Unemployment Claims figures and FOMC Meeting Minutes are scheduled for a release.
More in this category: « German Trade Balance showed surplus of 19.6 billion euros Unemployment Claims decreased to 263,000 »

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