Bailey and other officials have stressed in recent weeks that, while they might be close to reaching the peak of their run of rate hikes, they would probably have to keep borrowing costs at high levels for a period, dashing hopes of quick cuts.
The Bank of England will
announce on Thursday whether it is halting a run of interest
rate hikes that stretches back to December 2021, a day after
signs that it had turned a corner in tackling. -September 20, 2023 at 07:01 pm EDT
- MarketScreener
Bank of England on brink of rate hike pause after inflation surprise bworldonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bworldonline.com Daily Mail and Mail on Sunday newspapers.
The Bank of England will announce on Thursday whether it is halting a run of interest rate hikes that stretches back to December 2021, a day after signs that it had turned a corner in tackling Britain's high inflation problem. Investors piled into bets on the BoE keeping Bank Rate at 5.25% on Wednesday as soon as official data showed a surprise fall in the pace of price growth. Goldman Sachs and other banks ditched their previous calls for one more rate increase and investors put a roughly 50% chance on a pause by the BoE, up from just 20% on Tuesday.
Gold has been weakening against the world’s major currencies, and with little in terms of long-term catalysts, gold has little upside in the near term, even if the dollar is set to weaken