UK inflation smashes forecasts again raising chances of larger Bank of England interest rate hike June 21, 2023 UK inflation is still outpacing experts’ predictions and is running at a level that could lure the Bank of England into an outsized interest rate hike tomorrow, heaping more pain on families and businesses. Official figures out this morning from the Office for National Statistics (ONS) showed the rate of price hikes held steady at [...]
FTSE 100 close: London’s markets close in the red after inflation shock sends shivers through market June 21, 2023 London’s indexes closed in the red on Wednesday after yet another higher than expected inflation reading earlier this morning. The FTSE 100 closed 0.1 per cent lower at 7,559.18 while the FTSE 250, which is more aligned with the health of the UK economy, sunk 0.9 per cent to 18,571.45. Official figures out this morning [...]
Bank of England risks steering UK into needless recession with more interest rate hikes June 20, 2023 Back in November, the Bank of England took the highly unusual step of explicitly telling financial markets to calm their sky high bets on where interest rates might end up. “Should the economy evolve broadly in line with the latest monetary policy report projections, further increases in bank rate may be required for a sustainable [...]
UK inflation tipped to trim to lowest level in over a year as food prices begin to ease June 19, 2023 UK inflation is poised to recede to its lowest level in over a year, pushed lower by food and energy price rises easing, markets are betting. Fresh cost of living figures from the Office for National Statistics (ONS) on Wednesday will top investors’ minds in a busy week of data that will shape movements in [...]
Bank of England to raise interest rates for 13th time in a row this week to tame persistent inflation June 19, 2023 The Bank of England is nailed on to raise interest rates for the thirteenth meeting in a row this Thursday, but markets think there’s an outside chance Governor Andrew Bailey and co will revert to an outsized rise to tame what is emerging as the worst inflation problem in the rich world. Markets reckon the [...]
House prices drop for first time this year as Bank of England interest rate hikes take hold June 19, 2023 House prices have dropped for the first time this year, sparked by the property market being whacked by the Bank of England’s 12 successive interest rate hikes to quash inflation, new figures out today show. The average price of a home coming to market fell £82 over the last month to £372,812, the first drop [...]
Bank of England survey finds public has all time low confidence in its ability to tackle inflation June 16, 2023 Public confidence in the Bank of England’s ability to tackle inflation has plummeted according to a fresh survey by… the Bank of England. The central Bank issued its quarterly poll of public attitudes to tackling inflation as speculation grows that it will hoist interest rates to 5.75 basis points next week, amid out-of-control inflation. Asked [...]
Federal Reserve pauses interest rate rise campaign as US inflation subsides June 14, 2023 The US Federal Reserve today held off on firing interest rates higher for the first time in over a year, electing to wait and see what impact prior increases have had on the world’s largest economy before straining households and businesses further. Chair Jerome Powell and the rest of the Federal Open Market Committee (FOMC) [...]
UK economy swings back to growth but spectre of recession looms amid interest rate fears June 14, 2023 Britain’s economy swung back to growth in spring, but the recent turmoil in the mortgage market and the prospect of the Bank of England hiking interest rates aggressively has put the risk of a recession back on the table. Official figures out today from the Office for National Statistics (ONS) showed gross domestic product – [...]
Pound hits highest level against US dollar in over a year as traders bet Bank of England will outmuscle Fed June 14, 2023 Pound sterling today climbed to its highest level against the US dollar in over a year, driven upwards by investors betting that the Bank of England will surpass the Federal Reserve in its interest rate rise cycle to bring down inflation. Britain’s currency jumped around 0.7 per cent today to nearly $1.27, taking it to [...]