Bank holds rates: Here’s why Carney isn’t budging
The monetary policy committee has been twiddling its thumbs.
Bank of England policymakers have held tight on policy (as widely expected). There's no change to interest rates or asset purchases.
They'll be sitting on their hands until next week, when the Inflation Report should clarify how the Bank seeks to address its credibility problem.
As unemployment has fallen far faster than the Bank expected, that's putting pressure on governor Mark Carney to act.
Here are three things to look out for in next week's report.
The Bank hasn't changed rates since March 2009, when the base rate was cut to a historic low of 0.5 per cent.
IG's Will Hedden says that the monthly non-update is a "by-now customary announcement".
"Despite recent equity market volatility, sterling has held up well against the majority of its major currency peers", says Hedden.