The decision to hold comes after the U.S. Federal Reserve kicked off its own monetary easing with an aggressive 50 basis point rate cut.
LONDON — The Bank of England on Thursday said it would hold interest rates steady following its initial cut in August, even after the U.S. Federal Reserve opted for a jumbo rate cut the day before.
The committee is assessing a mixed bag of data, with headline inflation consistently coming in near to its 2% target but price rises in services — accounting for around 80% of the U.K. economy —. Wage growth in the U.K. cooled to a more than two-year low over the three months to July, but remained relatively high at 5.1%.with a 50 basis point reduction.
Frederik Ducrozet, head of macroeconomic research at Pictet Wealth Management, told CNBC's"Street Signs Europe" that the Fed's decision to cut by half a percentage point wouldn't push the BOE into a September cut on its own.
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