Commuters cycles past the Bank of England (BOE), left, in the City of London, UK, on Monday, Sept. 16, 2024.
The central bank's Monetary Policy Committee's interest rate decision is scheduled for release on Sept. 19.
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 Monetary Policy Committee voted by 8 to 1 to hold, with the dissenting member voting for a 0.25 percentage point cut.
Many strategists had expected a smaller 25 basis point cut at the September meeting, despite market pricing through this week pointing to more than 50% probability of the more aggressive option.
Persons:
BOE
Organizations:
Bank of England, City of, LONDON, U.S . Federal, Monetary, U.S . Federal Reserve
Locations:
City, City of London, U.K