This significantly reduces the prospects of any interest cut until at least August. Indeed, it increases the odds that the eventual next move in interest rates could be up.
More Quotes from Howard Archer:
For now at least, the Bank of England will be very wary that a trimming of interest rates could excessively stimulate the housing market and risk sending house prices markedly higher. It certainly further rules out a move today.Howard Archer
The minutes pour more cold water over the prospects for a near-term interest rate cut.
Howard Archer
Retail sales were significantly healthier than expected in September and August's sales were revised up, going a long way to killing off already fading hopes of a November interest rate cut,
Howard Archer
Healthy mortgage lending data show that housing market activity extended its recent firmer performance in December. This is also borne out by the latest survey evidence consistently showing increased buyer interest.
Howard Archer
This very much keeps the door open for an interest rate cut in February.
Howard Archer
This reinforces our belief that consumer spending will remain subdued for some time to come despite September's pick-up in retail sales.
Howard Archer
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