Cautious Bank of England hold rates, extends bond reduction plan [Yahoo! Finance Canada]
SVENSKA HANDELSBK UNS/ADR (SVNLY)
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Source: Yahoo! Finance Canada
about future cuts, and also held off from running down its bond holdings at a faster pace, avoiding extra budget strains for finance minister Rachel Reeves. The Monetary Policy Committee voted 8-1 to keep rates on hold. Only external member Swati Dhingra voted for a further quarter-point rate cut after the BoE last month delivered its first reduction to borrowing costs since 2020. Economists polled by Reuters had forecast a 7-2 vote for a hold after last month's tight 5-4 decision to cut rates from their previous 16-year high. Sterling briefly jumped above $1.33 to its highest since March 2022 and investors scaled back bets on further rate cuts. On Wednesday, the U.S. Federal Reserve cut rates by a larger than expected 0.5 percentage points, reflecting the Fed's confidence that inflation pressures are cooling. BoE Governor Andrew Bailey struck a more cautious tone as wage growth looked set to remain too high for comfort and policymakers remained divided over how fast longer-
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