BoE Likely to Keep Rates Steady

The Bank of England expects to keep interest rates unchanged this week, despite rising oil prices. It is also likely to slow down the pace of selling government bonds purchased between 2009 and 2021. Governor Andrew Bailey clarified that there is no secret plan to raise rates unless higher energy prices lead to greater inflationary pressures. There is a possibility that the bank will move towards cutting interest rates next year. Financial markets remain cautious about the 30% probability of a rate hike in September, as they monitor the impact of rising oil prices on inflation and UK economic growth. The bank is also focused on reducing its low-yielding bond portfolio of £895 billion, with expectations of slowing the pace of sales amid declining bond values, reflecting differing opinions on how this will influence the markets.

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