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UK’s Services Growth Sheds Doubts on BoE Stimulus

Autore: Staff for Oanda

Bank of England (BoE) policymakers meet today to decide on the interest rates and the need for further economic stimulus.

Worsening economic prospects could potentially make the Bank’s Monetary Policy Committee to opt to inject a further 50 billion pounds of stimulus. Last month the BoE voted to pause its purchase of government bonds after pumping 325 billion pounds into the market through quantitative easing.

The official data from last week showed that Britain’s economy contracted slightly more than first estimated and May’s manufacturing PMI reading dropped to a three-year low.

Many economists expect the Bank to keep policy intact. The Markit/CIPS purchasing managers’ services survey supported the view of somewhat positive economic prospects, with its headline activity index remaining unchanged at 53.3 in May.

Some analysts suggest that the BoE will choose to wait with any actions until after the Greek elections and will keep further stimulus in reserve in case markets will be severely impacted as a result of the election’s outcome.

Source: target_balnk>Bloomberg


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