Culture&Arts

Bank of England keeps interest rate on hold as economy slows

Bank of England keeps interest rate on hold as economy slows

Just weeks after hinting it would raise interest rates, the Bank of England held off doing so Thursday, arguing it was best to wait after an unexpected spell of wintry weather hurt economic growth.

But instead, following some more recent signs of weak economic performance, including gross domestic product growth of only 0.1% in the first quarter of the year, the nine MPC members voted 7-2 to hold rates where they are.

The Bank is also expected to downgrade its economic growth forecasts.

Tom Stevenson, investment director for personal investing at Fidelity International, added: "Mark Carney really is the "unreliable boyfriend".

"The signals from the Bank if you go back to before those outcomes was quite clear that they had the intention to hike".

Myanmar has witnessed clashes between the military and militants
But it's hard to say how they were killed during the fighting", he said. "This is a terrorist attack". Myanmar's patchwork of ethnic groups make up around a third of the population.

"We expect the disappointing first quarter to be portrayed as a temporary lull by the MPC. and therefore expect the lack of a hike to be presented as an expected postponement rather than a cancellation", UBS interest rate strategist John Wraith said.

Investors appear unclear as to what's likely to happen next.

"As it does, households, businesses and financial markets will adjust".

And while Brexit-fuelled inflation has fallen sharper than expected in recent months, the Bank said rate hikes would still be needed over the next three years, with cost pressures building in the economy.

Three months ago, the Bank had been pencilling in growth of 0.4% in the first quarter and 1.8% for 2018 as a whole. Consequently, the Bank is optimistic that the economy will pick up somewhat in the near future (obviously, this will depend if any unseasonably cold "Brexit headwinds" start to blow which might jeopardise the transitional agreement). In contrast to what the Office for National Statistics said when commenting on poor Q1 growth, the Bank is of the opinion that the current "soft patch" is due to the late and hard winter disruption caused by "The Beast from the East" in March. It particularly affected construction, Carney said.

Chris Bruzzo Sells 1500 Shares of Electronic Arts (EA) Stock
Schatz Jacob J. also sold $116,320 worth of Electronic Arts Inc . (NASDAQ:EA) for 6.25 million shares. 5,000 Electronic Arts Inc . Adirondack Trust Co holds 0% of its portfolio in Electronic Arts Inc . (NASDAQ:EA) or 200 shs.

"Given previous remarks from the MPC on the timing and the path of future rate hikes, the question now remains as to when the Committee will look to increase rates in 2018, assuming that growth picks up again in the coming months". In the year to March, annual consumer price inflation was 2.5 percent, well below the bank's projection of nearly 3 percent.

The BoE predicted that consumer price inflation (CPI) would continue to fall, approaching the target figure of 2 percent.

The Bank of England will wait until August before raising interest rates, according to a Reuters poll in which almost all economists pushed back previous expectations of a hike on Thursday.

Most experts believe policymakers would not be able to justify increasing rates until August at the earliest, which could well be the last rise until 2019. There's still a lot of uncertainty over Britain's post-Brexit relationship with the EU.

Last month, Bank governor Mark Carney said "mixed" economic data could delay any increase.

Homeland Security Denies Report That Secretary Drafted Resignation Letter
Nielsen said in a statement that she shares Trump's frustration about the border, blaming it in part on "congressional inaction". A White House source, who requested to be anonymous, confirmed the incident and said the argument was "heated and angry".


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