BOE Holds Rates Steady Amid Ongoing Iran War and Inflation Pressures

The Bank of England is expected to keep interest rates steady on Thursday as it weighs the impact of the ongoing Iran war and intensified inflation pressures.

According to Reuters, unlike the European Central Bank, which raised rates in June, Governor Andrew Bailey has said that the BoE's signal back in March that previously expected cuts to borrowing costs were off the table due to the war is likely to keep inflation in check.

The U.S. Federal Reserve left rates unchanged on Wednesday, but three of the 12 members of the Federal Open Market Committee said they would have preferred a quarter-point rate rise.