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BoE left interest rates unchanged

Thursday, Jun 15 2017
BoE left interest rates unchanged

The Bank of England shocked financial markets on Thursday when it said three of its policymakers voted for an interest rate hike, the closest it has come to raising rates since 2007, despite signs of a slowdown in Britain's economy. The unexpectedly tight 5-3 vote adds questions over monetary policy to uncertainty over Britain's political outlook since Prime Minister Theresa May failed to win a parliamentary majority in an election last week.

BoE policymakers Ian McCafferty and Michael Saunders joined previous rate rise advocate Kristin Forbes in voting to reverse the BoE's decision last August to cut rates to a record-low 0.25 percent, the BoE said. Governor Mark Carney and the four other members of the Monetary Policy Committee voted to leave rates unchanged.

 

Financial markets were pricing in a roughly 50 percent chance of an interest rate hike by next June, compared with 20 percent earlier this week, Societe Generale fixed income strategist Jason Simpson said. But many economists said they still saw no rate hike on the horizon possibly for another two years.

More in this category: « UK Retail Sales down by 1.2% Unemployment Claims at 237,000 »

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