🧵 1. Bank of England maintains interest rates, pound surges to 2-year high post U.S. Fed's rate cut. BoE's Monetary Policy Committee voting 8-1 for hold decision. #finance
🧵 1. Bank of England maintains interest rates, pound surges to 2-year high post U.S. Fed's rate cut. BoE's Monetary Policy Committee voting 8-1 for hold decision. #finance
🧵 2. Committee believes slow monetary easing still appropriate, with services inflation high. UK economy forecasted to grow around 0.3% per quarter in second half.
🧵 3. British pound strengthened by news, hitting $1.3306. Global equities rose, Stoxx 600 up 1.35%. BOE to reduce bonds by £100 billion over next year.
🧵 4. BOE Governor defends QT program, subsidized by taxpayers. Inflation near target but services saw 5.6% rise. Wage growth declines, at 5.1%.
🧵 5. Despite U.S. Fed's aggressive rate cut, BoE sticks with status quo. Analysts surprised by Fed's 50 basis point reduction. Chair Jerome Powell leading the moves.
🧵 Read more at: https://www.cnbc.com/2024/09/19/bank-of-england-september-rate-meeting.html