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BOE minutes show rate vote split at 8-1

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Investing.com -

Investing.com - Minutes from the Bank of England's most recent policy meeting released Thursday showed that the Monetary Policy Committee voted 8-1 to keep rates on hold.

The minutes show eight members were in favor of leaving the key interest rate at a record low of 0.5%, compared to expectations for a 7-2 vote to keep rates on hold. All nine members voted to stand pat on rates in July.

Dissenting member Ian McCafferty voted for a 0.25% hike in the benchmark rate to 0.75% for the first time in eight months.

All nine members were in favor of making no changes to the central bank's £375 billion asset-purchase program.

According to the minutes, a number of policymakers saw upside risks to their inflation forecast.

BOE Governor Mark Carney will hold a press conference after the release, at 12:45PM in London. Last month, Carney stated the time for tighter monetary policy was approaching. Most market players expect the BOE to begin slowly raising interest rates in mid-2016.

GBP/USD was trading at 1.5542 from around 1.5584 ahead of the announcement, while EUR/GBP was at 0.7027 from 0.6997 earlier.

Meanwhile, European stock markets were mixed. London's FTSE 100 shed 0.35%, the EURO STOXX 50 inched up 0.1%, France's CAC 40 added 0.1%, while Germany's DAX tacked on 0.1%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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