Friday, 18 August, 2017

Bank of England narrowly votes in favour of holding interest rates

London open: Stocks drop ahead of retail sales, BoE announcement FTSE 250 suffers worst day since Brexit vote on BoE rate split
Mae Harvey | 16 June, 2017, 06:21

The votes to keep the asset-purchase program unchanged were unanimous.

Corporate bond purchases stock will remain at £10bn, while United Kingdom government bond purchases stay at £435bn.

Set against a backdrop of disappointing retail sales, slowing growth, shrinking real wages and heightened political uncertainty, Hargreaves Landown's senior economist, Ben Brettell, said the increased votes for a raise were "somewhat surprising".

The greater-than-expected inflation overshoot and the diminished trade-off between returning inflation to the BoE's 2 percent target and sustaining economic growth also posed trouble, according to the MPC.

"For the moment the balance of power still rests with the doves in the MPC however, and it's worthy of note that expectations of an interest rate rise have been confounded for many years now". Inflation could rise above 3% by the autumn, and is likely to remain above the target for an extended period as sterling's depreciation continues to feed through into the prices of consumer goods and services.

Rising inflation and a further fall in the pound have become the BoE's main concerns since its last rates meeting in May.

"In contrast, pay growth has moderated further from already subdued rates", it cautioned. "It was too early with confidence how large and persistent" that slowdown would be, the MPC said in a statement alongside the policy announcement.

Blimp goes down at US Open golf tournament in Wisconsin
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The Czech Republic has taken only 12 refugees from Greece, although it ought to accept about 2,600 people by September according to the quotas.

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Marsh sold its pharmacy assets to CVS in April, and had agreed not to allow pharmacies in stores that had them for five years. Fresh Encounter now has 34 stores in OH and in , including Great Scot, Community Markets and Sack n' Save, to 44 stores.

The minutes also show concern about a marked slowdown in the economy, consumer spending, the housing market and auto purchases as the country prepares for a years-long negotiation on its exit from the European Union.

On specific stocks, DFS furniture warned full-year earnings would be below market expectations due to a weakened trading environment, hurting its shares and those of Next, Kingfisher, Marks & Spencer, Tesco. Most surveys of investment intentions have remained above their historic averages.

Monetary policy can not prevent either the necessary real adjustment as the United Kingdom moves towards its new global trading arrangements or the weaker real income growth that is likely to accompany that adjustment over the next few years.

The kiwi edged up to 95.07 Australian cents from 94.88 cents yesterday, when figures showed the Australian economy added 42,000 jobs in May, four times as many as expected, while the jobless rate came in lower than expected at 5.5 percent.

"Looking ahead, key considerations in judging the appropriate stance in monetary policy are the evolution of inflationary pressures, the persistence of weaker consumption and the degree to which it is offset by other components of demand". The first is that this is not the first time some MPC members have argued for higher rates, and then later changed their minds.

"For these three members, they're obviously focusing on the inflation number which was above consensus this week, and also on the unemployment rate itself, rather than wage growth", Rob Wood (pictured), an economist at Bank of America Merrill Lynch, said on Bloomberg Television.

The Bank of England is expected to keep interest rates on hold on Thursday despite mounting pressure to take action as households suffer amid soaring inflation.

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