The Bank of England's (BoE) Monetary Policy Committee (MPC) is meeting this week to decide the future of monetary policy and will announce its decision on Thursday, November 2.
The Bank of England will announce its decision on monetary policy on Thursday. The BoE is likely to keep the benchmark rate unchanged for a second consecutive meeting at 5.25%. The United States Federal Reserve left rates unchanged at 5.5%, offering relief to markets. Pound Sterling trades in a well-limited range against the US Dollar.
Governor Andrew Bailey will then hold a press conference in which he will explain the background of policymakers’ decisions. BoE Governor Andrew Bailey and his colleagues have little room to manoeuvre. The British economy is giving more and more signs of weakening, and the traces of recession returned even after the MPC expressed easing concerns on the matter. Nevertheless, taming inflation is the central bank’s main goal at the time being, while wage growth remains high.
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