BoE's Carney says prepare for rate hikes over the next few years

Apr 22, 2018, 01:44
BoE's Carney says prepare for rate hikes over the next few years

His comments led the pound to fall almost a cent against the dollar, and is disappointing news for those hoping to boost their savings.

The Pound US Dollar (GBP/USD) exchange rate is on track to end the trading session considerably lower this week as Sterling sentiment reels from suggestions that the BoE may leave rates on hold next month.

With the Bank of England's next interest-rate decision now on a knife-edge, all eyes are trained on an expected slowdown in the first quarter and what it means for policy.

The importance of the figures - to be published Friday - has been heightened by Mark Carney's unexpected comments that have damped expectations that the BOE will raise its benchmark rate in May.

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Things get hairier if the base rate rises to 3%, a level that the Bank of England governor, Mark Carney, has previously suggested could be the "new normal".

"I am sure there will be some differences of view but it is a view we will take in early May (at the next meeting of the Bank's Monetary Policy Committee), conscious that there are other meetings over the course of this year".

Meanwhile the US Dollar (USD) exchange rate edged up this morning following some hawkish remarks from President of the Cleveland Federal Reserve, Loretta Mester.

"If the markets do cool off as a result, it will be interesting to see if mortgage rates will follow suit in the shorter term".

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'If the economy evolves as I anticipate, I believe further gradual increases in interest rates will be appropriate this year and next year'.

Another Bank of England member Michael Saunders has said signs of a United Kingdom slowdown is 'questionable.' Saunders has also claimed that he will be looking to vote for a rate hike as he did previously.

Charlotte Nelson, from Moneyfacts.co.uk, said: "The mortgage market is experiencing a period of upheaval, with rates that were once at all-time lows now starting to rise".

In the week ahead, the pound could recover against the USA dollar when United Kingdom confidence and GDP figures come out on 27 April.

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Mongolia's capital Ulaanbaatar is also considered as one of the possible locations, the report added. President Donald Trump recently agreed to a meeting with Kim, to be held by the end of May.

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