UK And EU Central Banks Keep Rates Unchanged

WRE News December 16, 2023


UK And EU Central Banks Keep Rates Unchanged

The central banks for the U.K. and European Union mirrored the example of their American counterparts and kept their respective interest rates unchanged.

The Bank of England maintained its 5.25% rate, which is a 15-year high. Andrew Bailey, governor of the Bank of England, said in a statement, “We’ve come a long way this year. But we still have some way to go.”

Over on the continent, the European Central Bank held its rate at 4%, also a record high. Christine Lagarde, the bank’s president, told reporters there were no plans to pivot to a rate-cutting regimen.

“We did not discuss rate cuts at all,” she said. “No discussion. No debate. Between hike and cut there is a whole plateau.”

Yesterday, the Federal Reserve opted to keep rates in the range of 5.25% to 5.5%. Last week, the Bank of Canada left its benchmark interest rate at a 22-year high of 5% — but unlike the other central banks, the Canadians raised the possibility of another hike.

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