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LONDON - The Bank of England on Thursday took another step towards lowering interest rates, as a second official backed a cut and Governor Andrew Bailey said he was"optimistic that things are moving in the right direction".Sterling fell to $1.2467 from $1.2486 just before the decision and was last down 0.25%. Against the euro, the pound traded at 86.07 pence, compared to 85.96 earlier
BONDS: British government bond yields fell. The interest-rate sensitive two-year gilt yield was last down 2.2 basis points at 4.29%. It had traded at 4.326% earlier. STOCKS: London's FTSE-100 stock index rallied to a new record high, while the more domestically focussed FTSE 250 pushed into positive territory, having traded lower earlier on."It's in line with our expectation given the restrictive nature of market rates in recent months."
"Normally, such an inflation forecast would have triggered a rate cut, but there are concerns about the labour conditions." "By the time we get to June, they will likely have the confidence to pull the trigger on a rate cut. So, they want to see a bit more data."It has been our privilege to have the trust and support of our East Coast communities for the last 200 years. Our SaltWire team is always watching out for the place we call home. Our 100 journalists strive to inform and improve our East Coast communities by delivering impartial, high-impact, local journalism that provokes thought and action.
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