undergroundnewsroom.com May 27, 2018

Bank Of England will hold interest rates at 0.5%

11 May 2018, 01:04 | Gordon Grant

BoE Governor Mark Carney told the BBC later on Thursday that he expected rates to rise this year, unless growth disappointed again.

The Bank of England has backed off from raising interest rates as it slashed 2018 growth forecasts, but said the economy would bounce back from a weather-hit "soft patch".

It's not the first time that Carney has flagged up a rate hike only to pull back, which has prompted some to tag him an "unreliable boyfriend".

"We think the momentum in the economy is going to reassert", Carney told reporters in London.

The Bank of England is not actively discussing how to reverse the quantitative easing (QE) stimulus plan in which it bought hundreds of billions of pounds of government bonds with new money, Governor Mark Carney said on Thursday.

In the first three months of the year, the British economy barely grew, expanding at a quarterly rate of just 0.1 percent, with the construction sector faring particularly badly.

"If the MPC is right (about the growth outlook), then it will likely plow on with the limited and gradual tightening it has repeatedly guided towards. but we suspect it has missed its chance", HSBC economists Elizabeth Martins and Chris Hare said after the BoE decision. The vote split was the same as at the last meeting in March.

New details emerge in Reuben Foster domestic violence case
It also gives the the Santa Clara County District Attorney's Office less time to build their case in time for the hearing. Foster, meanwhile, has not taken part in any of the 49ers' offseason program as he and the team awaits legal resolution.

'Arrested Development' Season 5 Trailer, Release Date Revealed
Now, the story of a wealthy family who lost everything, only to be resurrected on Netflix for yet another hilarious season. This is significant because Tambor was sacked as the lead of Amazon's Transparent following sexual harassment allegations.

Govt Congratulates Chef Nina Compton on James Beard Award
The awards are often referred to as "The Oscars of Food", and the Triangle has a legacy of taking home honors . The winners were announced during a gala at Lyric Opera of Chicago Monday evening.

It also forecast that the unemployment rate would fall further, to 4% by 2020, the Bank's lowest forecast since the financial crisis.

The Bank of England (BoE) has downgraded its predictions for inflation and economic growth in Q2, as the prospects for the United Kingdom economy remain "clouded by Brexit uncertainty".

The pound was hit by the Bank's downbeat assessment of the United Kingdom economy - revealed in the quarterly inflation report it published alongside its rates decision today - which implies that a rate rise in the coming months is unlikely.

The Bank of England's Monetary Policy Committee (MPC) has voted to hold interest rates at 0.5% on the back of weaker-than-expected economic data.

May Inflation Report revised both inflation and short-term GDP growth forecast lower, saying it was driven by lowered expectations on domestic demand, but kept the forecast for 2019 and 2020 unchanged. Adding an interest rate hike would possibly tip the economy in recession territory.

The inflation report also reduced inflation forecasts to 2.4% in Q2 - from 2.7% previously - and by a basis point in the following years.

Just a few weeks ago, investors thought the bank would raise the rate by a quarter-point to its highest level since early 2009. He added that there "may be some differences of view at the May meeting, but that it is a view we take ... conscious that there are other meetings over the course of the year."Markets were quick to slash hiking odds in May to 50 percent".

Other News

Trending Now

Gmail for iPhone updated with Snooze Feature and Ability to Send Money
If you thought Google was done releasing new Gmail features, the company has news for you today. You can now send and request money as an attachment in Gmail with Google Pay.

Nestlé full of beans after $7bn deal to sell Starbucks coffee
Nestle , which will take on about 500 Starbucks employees, said its ongoing share buyback program would remain unchanged. It had been losing ground in the United States confectionery sector as rivals moved towards healthier products.

Huddersfield celebrate Premier League survival with 200-mile bus trip home
Former Manchester United manager Alex Ferguson is out of intensive care after emergency surgery on Saturday on a brain hemorrhage. This was not how the Italian would have chosen to bow out if this was his last home match at Stamford Bridge.

Everton forward Wayne Rooney reportedly in talks over potential Premier League exit
Allardyce has started the 32-year-old in 16 of the 23 Premier League matches that he has been in charge of the Toffees . Wayne Rooney could move to the American side DC United if he decides to leave Everton at the end of the season.

Chao names participants selected for drone pilot program
The FAA has no requirements or voluntary standards for electrically broadcasting information to identify an unmanned aircraft. Apple itself adds on to this, saying that it will use drone tests in North Carolina to improve Apple Maps with aerial images.

George Zimmerman Stalking Claimed by Trayvon Documentary Private Eye
Zimmerman was served summons on May 3 and will appear at an arraignment on May 30, the office of state attorney Phil Archer said. Warren reportedly only contacted Zimmerman once about being involved in the Trayvon Martin documentary.

US Attorney General Jeff Sessions in San Diego
Sessions visited the Mexican border near Border Field State Park to outline the tough new policy on illegal immigration.

Saudis ready to 'mitigate' impact of nixed deal
Trump's team dismisses that risk: Tehran doesn't have the economic strength to confront the United States, Israel and the Saudis". Since the Iran nuclear deal went into effect, its exports have risen to about 2.5 million bpd, from less than 1 million bpd.

Dust lashes Delhi, hail pounds Shimla, five-day alert issued
The Delhi Metro, too, has made a decision to exercise extreme caution in running of trains in the wake of the warning. In the thunderstorm last week, at least 124 people died and more than 300 were injured in northern states.

Walmart to buy 77% stake in India's Flipkart for $16bn
We are confident this group will provide Flipkart with enhanced strategic and competitive advantage. He said Flipkart would be run as a board managed company with Walmart acting as a resource centre.