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Shahla
Money Managing Guru
Joined: 13 Nov 2004
Posts: 3324
Cash Points ££ 126163.28
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 Posted: Mon Apr 09, 2007 12:46 am Post subject: BOE Keeps UK Interest Rates on Hold in April But likely to R |
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BOE Keeps UK Interest Rates on Hold in April But likely to Rise in May
As expected, the Bank of England's (BoE) Monetary Policy Committee (MPC) left its policy repo rate unchanged at 5.25% this morning. However, as we've noted before (see Daily Global Commentary, March 21: UK: Rate Hike Expectations Ease but Don't Rule Out Further Tightening ), the BoE concluded in its February Inflation Report that inflation would be slightly above the 2.0% target in two years' time if the repo rate stayed at 5.25%. Given the members' concerns about underlying inflation pressures and about an increase in firms' pricing power, recent data suggest the odds still favor another rate hike in May.
Despite three rate hikes since August, the housing market remains pretty robust, although BoE Governor King noted last week that there are signs the market is starting to slow. The BoE's latest report on consumer borrowing found that mortgage lending picked up again in February, rising to £10.3 billion from £9.5 billion in January, while the number of mortgage approvals for the month remained steady at 119,000. Last week the Nationwide mortgage lender said that house price inflation was starting to slow, with average prices in March up 9.3% on the year vs. 10.2% in February.
However today the largest lender, HBOS Plc, released its Halifax house price survey, showing the annual three-month rate of price increases rising to a two-year high of 11.1%. The market may be on the verge of easing, but there's still plenty of near-term life left.
Unsecured consumer credit data are unequivocal, though. Last week's BoE survey reported a lessthan- expected rise in credit, up just £919 million in the month, the smallest increase since September, and down from £1.02 billion in January and £1.5 billion a year earlier. Those rate hikes are starting to curb consumer borrowing.
http://www.marketoracle.co.uk/Article706.html |
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