Bank of England maintains policy rate

Interest rates

Interest rates

Now investors want to see if Carney keeps market bets on an August hike alive at a news conference after the 1100 GMT rate announcement, or if he decides that sitting on the fence is a safer strategy.

Since he joined the BoE in 2013, Carney has signaled several times that the time was nearing for rates to rise from the historic low of 0.5 percent they reached during the 2008-09 financial crisis, only for economic data to go the wrong way.

Sterling fell on the news and was trading lower by 0.2% against the United States dollar at 1.352.

The BoE said the economy would grow by 1.4 percent this year, down from the 1.8 percent it predicted in February, with slowing consumer lending and a sluggish housing market creating greater-than-usual uncertainty about consumer demand.

Heavy snow slowed economic growth in much of Europe in March. In the weeks leading up to the actual decision, there had been some speculation that the Bank would act to tighten monetary policy on the back of Governor Mark Carney's comments, but it has been odds on for some time that the MPC would delay a rise until (probably) August.

Britain's economy grew more slowly than most of its peers a year ago, after a Brexit-driven jump in inflation hit consumer spending power and some businesses delayed long-term investment.

Primary election day is here
In the 88th Legislative District, Democrat Jean Foschi is running unopposed in the primary, with Republican Sheryl M. County elections officials began mailing ballots to military and overseas voters on April 6, 2018.

Confirming a glum first quarter for the economy, industrial output barely rose in March, data showed.

The timing may prove significant because the monetary policy committee (MPC) has always seen official growth figures for a full quarter before finalising its forecast and voting on rates in months when the quarterly Inflation Report is published.

But late last month, data started to raise doubts. On the other hand, the BoE revised down its inflation forecasts both in the short and medium term, while reducing growth this year by 40bps.

The Bank of England kept its key interest rate on hold today. Higher interest rates exert downward pressure on inflation, and lower interest rates push it up.

He added however that the MPC's answer to the question of whether "weakness [was] due to the weather or the climate" was the former, and that "overall the economic climate looks little changed to the MPC thus far".

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