Erik ten hag criticises Manchester United’s standards after defeat by Rosenborg

The Bank of England has hiked its Bank Rate today by 0.5 percentage points from 4.5% to 5%, its highest level in 15 years, writes Andrew Michael. In June, it chose to hold these at 5% – 5.25%, but there is speculation that it might increase them when it next meets on July 25-26. All eyes will turn next  to the ECB’s rate-setting decision tomorrow (Thursday), before the Bank of England follows suit next week on 3 August. Inflation in the US stands at 3% in the year to June, comparing favourably with the 7.9% annual rate seen in the UK this month. This is the 14th rise in succession since the Bank Rate started its upwards trajectory in December 2021, when it stood at just 0.1%, videos xxx lesbianas its lowest level ever. Today’s Consumer Prices Index (CPI) from the Office for National Statistics (ONS) was broadly in line with economists’ expectations, which had predicted inflation dropping as far as 6.7%.

On a monthly basis, the rate did not change in October 2023, compared with a rise of 2% for the same month last year, attributed largely to a spike in energy costs. The European Central Bank, in common with other central banks such as the Bank of England, is tasked with keeping inflation at 2%. Annual inflation in the UK in October fell to 4.6% from 6.7% the previous month. Today’s announcement by the Federal Open Market Committee (FOMC), its last rate-setting decision of 2023, means the Fed’s target benchmark interest rates continue in a range between 5.25% and 5.5%. “For the housing market, this pause in interest rate hikes may boost confidence. More certainty over mortgage costs breeds higher buyer confidence and property market activity.

But the concern for rate-setters now is that a premature reduction in borrowing costs could result in a re-emergence of inflationary pressures. The US Federal Reserve, like its UK equivalent of the Bank of England, is required to keep inflation at 2% over the medium to long-term. Last month, it left borrowing costs unchanged at a 23-year high in a range between 5.25% and 5.5%.

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