The Bank of England has decided to keep those printing presses working overtime and keep interest rates at 0.5%. This is while CPI inflation is running at 5%, some 3% more than its government mandated target of 2%
The BoE also said it will keep it’s money printing facility – also known as the APF (Asset Purchased Facility) at an almost unbelievable £275bn.
From the release:
The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to continue with its program of asset purchases totaling £275 billion financed by the issuance of central bank reserves.
The Committee expects the announced program to take another two months to complete. The scale of the program will be kept under review.
The minutes of the meeting will be published at 9.30am on Wednesday 21 December.
Gold didn’t react much to the very telegraphed and expected news and currently trades around £1107.
Interestingly we have a very clear ascending triangle set up on gold priced in £s. The top of which is £1123 with lower lows being made – this pattern looks like it will have to break one way or the other sometime next week.
The BoE also said it will keep it’s money printing facility – also known as the APF (Asset Purchased Facility) at an almost unbelievable £275bn.
From the release:
The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to continue with its program of asset purchases totaling £275 billion financed by the issuance of central bank reserves.
The Committee expects the announced program to take another two months to complete. The scale of the program will be kept under review.
The minutes of the meeting will be published at 9.30am on Wednesday 21 December.
Gold didn’t react much to the very telegraphed and expected news and currently trades around £1107.
Interestingly we have a very clear ascending triangle set up on gold priced in £s. The top of which is £1123 with lower lows being made – this pattern looks like it will have to break one way or the other sometime next week.
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