Despite a drop from 11.1% to 6.7% in recent data, inflation remains over three times the 2% target.
The Bank of England is expected to maintain the bank rate at 5.25% for the second consecutive meeting following 14 back-to-back increases.
Last week the European Central Bank kept rates unchanged and the US Federal Reserve did the same on Wednesday as they wait to see if the worst inflation outbreak in decades has really been quelled. Mike Riddell, a senior portfolio manager at Allianz Global Investors, said the long lags between changes in rates and their impact meant most of the BOE’s increases in borrowing costs between late 2021 and August this year was yet to be felt.
Although inflation has fallen from 11.1% just over a year ago to 6.7% in the most recent data, it remains more than three times the BOE’s 2% target. But Bailey and his MPC colleagues are likely to reiterate that they are ready to raise rates higher if needed.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bank of England set to keep rates at 15-year high despite slowdown signsLONDON, Nov 2 ― The Bank of England looks set to hold borrowing costs at a 15-year high today and signal that it does not plan to cut them anytime soon as it remains locked in...
Read more »
Dollar tracks US Treasury yields lower as Fed stays on holdDespite financial uncertainties, policymakers held rates steady to manage inflation in a still resilient economy.
Read more »
Bursa Malaysia opens lower despite firmer Wall Street closeKUALA LUMPUR, Nov 1 ― Bursa Malaysia opened lower today despite Wall Street closing firmer ahead of the US Federal Reserve (Fed) meeting’s outcome. At 9.05am, the FTSE...
Read more »
Trading on Bursa to stay muted despite Wall Street uptrendBenchmark index to hover within the 1,440-1,450 range, attributed to buying support from local institutions, says analyst.
Read more »
Pochettino urges Chelsea fans to 'believe' despite rocky seasonLONDON: Mauricio Pochettino (pix) has urged Chelsea fans to “believe and trust in us” despite their troubled start to the season as he prepares for We...
Read more »
Coach Yusri: Perak not ready to surrender yet despite first-leg maulingIPOH: Perak FC may be down but they are definitely not out yet, says head coach Yusri Che Lah (pix). Having lost 4-1 to Johor Darul Ta’zim in the firs...
Read more »