# Bank of England follows US Fed in keeping interest rates on hold and failing to signal imminent cuts  - Victoria Times Colonist

> The Bank of England kept its main rate at 5.25%, the highest level since August 2023 and near a 16-year high. The nine-member committee split, with two members voting for a hike and one for a cut, and Governor Bailey said inflation must fall clearly to the 2% target before cuts.

- Date: 2024-02-01 · published 2024-02-01T12:00:00.000Z
- Category: macro · region UK · magnitude low
- Page: https://feedsoft.ai/events/31927-bank-of-england-follows-us-fed-in-keeping-interest-rates-on-hold-and-failing-to
- Commodities: [British Pound (USD per GBP)](https://feedsoft.ai/c/GBPUSD.md)

## Why it matters

A firm UK rate stance supports sterling and keeps UK borrowing costs high. The link to feed commodity prices is indirect.

## Read by commodity

- GBPUSD: neutral

## Sources

- timescolonist.com: https://www.timescolonist.com/national-business/bank-of-england-follows-us-fed-in-keeping-interest-rates-on-hold-and-failing-to-signal-imminent-cuts-8193246

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.