Bank and Fellow Rate-Setters

bank rate: Governor Mark Carney said two weeks ago that he expected the Bank to give the economy more help over the summer, according to Euro News. But Carney and his fellow rate-setters said on Thursday they would wait three more weeks to see the intensity of the Brexit hit to the economy before deciding on the need for any stimulus. The battered pound surged by more than 2 percent as the central bank held its Bank Rate at 0.50 percent, contrary to widespread expectations of a first cut in more than seven years. In the absence of a further worsening in the trade-off between supporting growth and returning inflation to target on a sustainable basis, most members of the committee expect monetary policy to be loosened in August, minutes of the meeting said. Only one of the Monetary Policy Committee nine rate-setters – Jan Vlieghe, who has previously floated the idea of more help for the economy – voted for a cut at the July meeting. The precise size and nature of any stimulatory measures will be determined in August, it said. (news.financializer.com). As reported in the news.