BOE - Bank rate
Bank of England Official Bank Rate
The BOE Is Getting Closer to Delivering A Rate Cut
Starts Thursday, August 1, 2019 at 11:00
Updated Thursday, August 1, 2019
The Bank of England (BOE) increased interest rates for the second time in many years in August last year after raising them in November 2017. They have been keeping them steady at 0.75% since then and are expected to keep them on hold with a unanimous vote, but the situation in Britain has become pretty difficult in recent months as we are here now without any solution in sight for Brexit, Theresa May is gone and the economy has taken a dive. The market is pricing in a rate cut from the FED in July, so don't be surprised to see a surprise rate cut from the BOE this week, although, I think that the BOE will wait to see how the New PM Johnson will move Brexit forward first. Please follow us for a live coverage in real time of the event by experienced analysts.
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About Bank of England Official Bank Rate
The Official Bank Rate is the rate applied by the Bank of England (BOE) to overnight lending operations involving separate banking entities. It is determined by the Monetary Policy Committee, but the final decision on its application is made by the sitting BOE governor. Since July 2013, Mark Carney has served as BOE governor.A key driver of national monetary policy, the Official Bank Rate has a tremendous bearing on the value of the GBP. Any rise has a bullish impact upon the GBP, while a cut is viewed as extremely dovish. Historically, the Official Bank Rate has ranged from 0.25% to 17%.An announcement of the Official Bank Rate is a primary economic event. Participation is heightened and heavy volatilities are possible facing the GBP.