LONDON, Sept 23 — The Bank of England said the case for higher interest rates “appeared to have strengthened” on Thursday after it nudged up its forecast for inflation at the end of the year to over 4 per cent, more than twice its target rate.
After the decision, interest rate futures priced in a 90 per cent chance that the BoE would raise rates by February, up from just over 60 per cent before — though many economists say this is premature given the challenges to growth. The BoE said it had revised down its expectations for the level of gross domestic product in the third quarter by around 1 per cent from the August report, reflecting supply constraints.
But deputy governor Dave Ramsden joined external MPC member Michael Saunders in voting to cap government bond purchases at £840 billion rather than using the full £875 billion programme the BoE launched in November 2020 during the pandemic. The benefits of waiting for more data were likely to outweigh the cost, they said — especially as tighter monetary policy would not reduce the immediate price pressures.
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