Bank of England keeps its main interest rate on hold at 5% in wake of big US Fed rate cut
On Wednesday, the Fed became the latest major central bank to reduce borrowing costs, cutting its main interest by half of a percentage point to roughly 4.8% from a two-decade high of 5.3%, where it had stood for 14 months. It also signaled that there will be more cuts to come in the next few months.
Fed obliged to consider spillovers when adjusting monetary policy
As recent data show that inflation in the US has fallen below 3 percent, close to the 2 percent target the Fed had set, expectations of a Fed rate cut had been growing. The slowed economic growth and the rise of the unemployment rate to 4.2 percent from 3.4 percent in early 2023 could be other reasons for the latest rate cut.
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