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Pound Sterling Drops Against Peers After Bank of England Holds Rates Steady

BitcoinWorld Pound Sterling Drops Against Peers After Bank of England Holds Rates Steady The British pound weakened against its major trading partners on Thursday following the Bank of England’s (BoE) decision to hold interest rates at 5.25%.

The move, widely expected by markets, nonetheless triggered a sell-off in sterling as the accompanying policy statement struck a cautious tone on the economic outlook, dampening expectations for near-term rate cuts.

BoE Holds Rates, Signals Caution on Inflation The Monetary Policy Committee (MPC) voted 6-3 to maintain the Bank Rate, with the minority favoring a 25-basis-point cut. The decision keeps borrowing costs at their highest level since early 2008.

In its statement, the BoE noted that inflation remains above the 2% target and that services price pressures are proving stickier than anticipated.

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