> Finance & Stock Exchange > Banks and financial institutions > Bank of England
*TOP NEWS* Central banks
Reuters: [2008-05-09 16:51:00]
............................................................... For news and data, double-click on the codes in brackets. Access to some items may depend on subscription level. .............................................................. > ***SNAPSHOT - WORLD KEY OFFICIAL INTEREST RATES*** [INT/RATE] > FACTBOX-Global interest res [GLOBAL/INT] ............................................................... > ECB says euro zone banks toughening lending rules [nL09409883] > Swedish c.bank's Rosenberg-can't rule out rate cut[nL09246392] > Australia cenbank pins hopes on demand slowdown [nSYD92347] > Australia central bank raises inflation forecast [nSYD1019] > Hungary cbanker says May CPI key to rates [nL09733286] > Polish rates seen flat in May, hike in June [nL08634517] > S.Africa cbank says focus is inflation, not curren[nL09205706] > Indonesia cbank: hard to bring inflation below 9 pc[nJAK33869] > Egypt cbank raises rates 50 bps to curb inflation [nL0994079] > Iceland c'bank official warns on volatile crown [nL09692007] > Indonesia cbank: hard to bring inflation below 9 pc[nJAK33869] ............................................................... > The outlook for Federal Reserve policy [FED/AHEAD] > Reuters coverage of Basel II accord [ID:nL10281706] ............................................................... UPCOMING CENTRAL BANK MEETINGS, EVENTS | Fed June 24/25 | BOJ May 19/20 | | ECB June 5 | BoE June 4/5 | | BOC June 10 | RBA June 3 | | Riksbank* July 2 | RBNZ June 5 | | Swiss Nat Bank June 19 | Norges Bank May 28 | * Announcement July 3 > Major central bank events [CEN/DIARY] > Diary of emerging market central bank events [CEN/EMRG] ................................................................ REUTERS POLLS | US Fed Funds rate [FED/R] | ECB rates [ECB/INT] | | British rates [BOE/INT] | Canadian rates [CA/INT] | | Japanese rates [BOJ/INT] | Chinese rates [CNY/POLL] | | Australian rates [AU/INT] | Swiss rates [SNB/INT] | | Swedish rates [SE/INT] | South African rates [ZA/INT] | | Top poll news [POLL/] ............................................................... LATEST NEWS ON CENTRAL BANKS | Central bank news [CEN] | U.S. Federal Reserve [FED] | | Bank of Japan [BOJ] | European Central Bank [ECB] | | Swiss National Bank [SNB] | Bank of England [BOE] | | All forex news [FRX] | Economic indicators [ECI] | | Central Bank index<CENTRAL1>| Central bank rates<KEYRATES/1> | T ............................................................... CENTRAL BANKERS' COMMENTS | Federal Reserve[FED/QUOTES] | ECB [ECB/QUOTES]| | Bank of England[BOE/QUOTES] | Swiss National Bank[SNB/QUOTES]| | Sweden Riksbank[RIK/QUOTES] | ............................................................... DIARIES | Fed diary [FED/DIARY] | ECB diary [ECB/DIARY] | | Today's FX market[MI/DIARY] | Financial events [KEY/DIARY] | | Diary index [IND/DIARY] | Polling diary [POLL/DIARY] | .............................................................. WEB ADDRESSES Federal Reserve: http://www.federalreserve.gov/ Bank of Japan: http://www.boj.or.jp/en/index.htm European Central Bank: http://www.ecb.int/index.html Bank of England: http://www.bankofengland.co.uk/ Bank of Canada: http://www.bankofcanada.ca/en/ Swiss National Bank: http://www.snb.ch .............................................................. ((David Stamp; London Treasury Desk +44 207 542 7716))
POLL-Reuters poll on BoE May Inflation Report
Reuters: [2008-05-09 13:48:00]
LONDON, May 9 (Reuters) - The Bank of England will raise its
inflation profile compared to February and say the risks lie to
the upside when the central bank publishes its quarterly
Inflation Report on Wednesday, a Reuters poll found.
The poll of 19 economists, taken on Friday, also showed 14
of them predicting the BoE would lower the growth profile and 17
saying the risks there lie to the downside.
The bank held rates steady at 5.0 percent on Thursday, after
making three cuts from a peak of 5.75 percent in late 2007, and
analysts say they will cut again in June. See [BOE/INT]. For
more UK economic indicator forecasts, see [ECI/GB] or <ECONGB>.
Following is a summary of the poll results.
1) How will the inflation profile be compared with February?
2 said Lower, 5 said Same, 12 said Higher.
2) How will the growth profile be compared with February?
14 said Lower, 5 said Same, none said Higher.
3) How will the BoE describe the risks to inflation?
None said Downside, 7 said Balanced, 12 said Upside
4) How will the BoE describe the risks to growth?
17 said Downside, 2 said Balanced, none said Upside
INDIVIDUAL FORECASTS
----------------------------------------------------------------
---COMPARED TO FEBRUARY---
WHAT WILL BE THE PROFILE OF
BANK NAME INFLATION GROWTH
----------------------------------------------------------------
Bank of America Higher Same
Bank of Scotland Higher Lower
Barclays Capital Lower Same
BNP Paribas Same Lower
Calyon Higher Same
Capital Economics Higher Lower
Citi Higher Lower
Commerzbank Same Lower
Credit Suisse Higher Lower
Deutsche Bank Same Lower
Goldman Sachs Higher Lower
Investec Lower Lower
JP Morgan Chase Higher Lower
Lehman Brothers Higher Lower
Lloyds TSB Higher Same
Merrill Lynch Same Lower
RBS Higher Lower
Societe Generale Higher Lower
UBS Same Same
----------------------------------------------------------------
----------------------------------------------------------------
BANK NAME HOW WILL BoE DESCRIBE RISKS TO
INFLATION GROWTH
----------------------------------------------------------------
Bank of America Upside Downside
Bank of Scotland Balanced Downside
Barclays Capital Balanced Downside
BNP Paribas Balanced Downside
Calyon Upside Downside
Capital Economics Upside Downside
Citi Upside Downside
Commerzbank Upside Downside
Credit Suisse Balanced Downside
Deutsche Bank Balanced Downside
Goldman Sachs Upside Downside
Investec Upside Balanced
JP Morgan Chase Upside Downside
Lehman Brothers Upside Downside
Lloyds TSB Upside Downside
Merrill Lynch Balanced Downside
RBS Balanced Downside
Societe Generale Upside Balanced
UBS Upside Downside
----------------------------------------------------------------
(Factbox prepared by Sumanta Dey and Dinesh Mehta in
Bangalore)
((Tel: +44 207 542 5223,
Reuters messaging; ross.finley.reuters.com@reuters.com))
Keywords: BOE INFLATION/POLL
*TOP NEWS* Central banks
Reuters: [2008-05-09 10:25:00]
............................................................... For news and data, double-click on the codes in brackets. Access to some items may depend on subscription level. .............................................................. > ***SNAPSHOT - WORLD KEY OFFICIAL INTEREST RATES*** [INT/RATE] > FACTBOX-Global interest res [GLOBAL/INT] ............................................................... > ECB says euro zone banks toughening lending rules [nFAE002265] > Fed's emergency lending finds scant interest [nN08441188] > Swedish c.bank's Rosenberg-can't rule out rate cut[nL09246392] > Australia cenbank pins hopes on demand slowdown [nSYD92347] > Australia central bank raises inflation forecast [nSYD1019] > Iceland c'bank official warns on volatile crown [nL09692007] > Indonesia cbank: hard to bring inflation below 9 pc[nJAK33869] > Chile's cenbank holds key rate at 6.25 pct [nN08400063] > Peru's central bank holds key rate steady [nN08430837] > ECB holds rates at 4 pct,keeps up inflation stance[nL08596967] ............................................................... > The outlook for Federal Reserve policy [FED/AHEAD] > Reuters coverage of Basel II accord [ID:nL10281706] ............................................................... UPCOMING CENTRAL BANK MEETINGS, EVENTS | Fed June 24/25 | BOJ May 19/20 | | ECB June 5 | BoE June 4/5 | | BOC June 10 | RBA June 3 | | Riksbank* July 2 | RBNZ June 5 | | Swiss Nat Bank June 19 | Norges Bank May 28 | * Announcement July 3 > Major central bank events [CEN/DIARY] > Diary of emerging market central bank events [CEN/EMRG] ................................................................ REUTERS POLLS | US Fed Funds rate [FED/R] | ECB rates [ECB/INT] | | British rates [BOE/INT] | Canadian rates [CA/INT] | | Japanese rates [BOJ/INT] | Chinese rates [CNY/POLL] | | Australian rates [AU/INT] | Swiss rates [SNB/INT] | | Swedish rates [SE/INT] | South African rates [ZA/INT] | | Top poll news [POLL/] ............................................................... LATEST NEWS ON CENTRAL BANKS | Central bank news [CEN] | U.S. Federal Reserve [FED] | | Bank of Japan [BOJ] | European Central Bank [ECB] | | Swiss National Bank [SNB] | Bank of England [BOE] | | All forex news [FRX] | Economic indicators [ECI] | | Central Bank index<CENTRAL1>| Central bank rates<KEYRATES/1> | T ............................................................... CENTRAL BANKERS' COMMENTS | Federal Reserve[FED/QUOTES] | ECB [ECB/QUOTES]| | Bank of England[BOE/QUOTES] | Swiss National Bank[SNB/QUOTES]| | Sweden Riksbank[RIK/QUOTES] | ............................................................... DIARIES | Fed diary [FED/DIARY] | ECB diary [ECB/DIARY] | | Today's FX market[MI/DIARY] | Financial events [KEY/DIARY] | | Diary index [IND/DIARY] | Polling diary [POLL/DIARY] | .............................................................. WEB ADDRESSES Federal Reserve: http://www.federalreserve.gov/ Bank of Japan: http://www.boj.or.jp/en/index.htm European Central Bank: http://www.ecb.int/index.html Bank of England: http://www.bankofengland.co.uk/ Bank of Canada: http://www.bankofcanada.ca/en/ Swiss National Bank: http://www.snb.ch .............................................................. ((David Stamp; London Treasury Desk +44 207 542 7716))
*TOP NEWS* Central banks
Reuters: [2008-05-08 15:04:00]
............................................................... For news and data, double-click on the codes in brackets. Access to some items may depend on subscription level. .............................................................. > ***SNAPSHOT - WORLD KEY OFFICIAL INTEREST RATES*** [INT/RATE] > FACTBOX-Global interest res [GLOBAL/INT] ............................................................... ECB > ECB holds rates in prices vs growth face-off [nL08596967] > ECB's Trichet-high uncertainty due to market turmo[nL08903738] > HIGHLIGHTS-European Central Bank news conference [nECBNEWS] > TEXT-European Central Bank statement on rates [nECBTEXT] > Economists' comments on ECB news conference [nECBVIEW] BOE > BoE leaves UK rates at 5 pct, cut seen next month [nL08917409] > INSTANT VIEW-BoE holds interest rates at 5 pct [nL08893320] OTHER CENTRAL BANK NEWS > Weak dollar helps reduce protectionism - US envoy [nL08373165] > BOJ should cut rates to help small firms-lawmaker [nT162722] > Bank of Korea holds rates, resists pressure to cut[nSEO160654] > Romanian cbank signals inflationary pressure peak [nL08895882] > Philippine c.bank says inflation may miss 2008 goa[nMAN107844] > S.Korea central bank holds rates, resists pressure[nSEO160654] > Polish cbank to hold fire if data weak again-Czekaj[nL0842431] > Thai central bank says monitoring inflation closel[nBKT000651] > Reserve Bank of NZ seen cutting rates in Sept. [nWEL44418] ............................................................... > The outlook for Federal Reserve policy [FED/AHEAD] > Reuters coverage of Basel II accord [ID:nL10281706] ............................................................... UPCOMING CENTRAL BANK MEETINGS, EVENTS | Fed June 24/25 | BOJ May 19/20 | | ECB June 5 | BoE June 4/5 | | BOC June 10 | RBA June 3 | | Riksbank* July 2 | RBNZ June 5 | | Swiss Nat Bank June 19 | Norges Bank May 28 | * Announcement July 3 > Major central bank events [CEN/DIARY] > Diary of emerging market central bank events [CEN/EMRG] ................................................................ REUTERS POLLS | US Fed Funds rate [FED/R] | ECB rates [ECB/INT] | | British rates [BOE/INT] | Canadian rates [CA/INT] | | Japanese rates [BOJ/INT] | Chinese rates [CNY/POLL] | | Australian rates [AU/INT] | Swiss rates [SNB/INT] | | Swedish rates [SE/INT] | South African rates [ZA/INT] | | Top poll news [POLL/] ............................................................... LATEST NEWS ON CENTRAL BANKS | Central bank news [CEN] | U.S. Federal Reserve [FED] | | Bank of Japan [BOJ] | European Central Bank [ECB] | | Swiss National Bank [SNB] | Bank of England [BOE] | | All forex news [FRX] | Economic indicators [ECI] | | Central Bank index<CENTRAL1>| Central bank rates<KEYRATES/1> | T ............................................................... CENTRAL BANKERS' COMMENTS | Federal Reserve[FED/QUOTES] | ECB [ECB/QUOTES]| | Bank of England[BOE/QUOTES] | Swiss National Bank[SNB/QUOTES]| | Sweden Riksbank[RIK/QUOTES] | ............................................................... DIARIES | Fed diary [FED/DIARY] | ECB diary [ECB/DIARY] | | Today's FX market[MI/DIARY] | Financial events [KEY/DIARY] | | Diary index [IND/DIARY] | Polling diary [POLL/DIARY] | .............................................................. WEB ADDRESSES Federal Reserve: http://www.federalreserve.gov/ Bank of Japan: http://www.boj.or.jp/en/index.htm European Central Bank: http://www.ecb.int/index.html Bank of England: http://www.bankofengland.co.uk/ Bank of Canada: http://www.bankofcanada.ca/en/ Swiss National Bank: http://www.snb.ch .............................................................. ((David Stamp; London Treasury Desk +44 207 542 7716))
UPDATE 2-BoE leaves UK rates at 5 pct, cut seen next month
Reuters: [2008-05-08 14:25:00]
(writes through)
By Sumeet Desai
LONDON, May 8 (Reuters) - The Bank of England kept British interest rates at 5.0 percent on Thursday but analysts say a slowing economy will force it to cut borrowing costs next month, even though inflation is heading higher.
House prices are falling, consumer confidence is crumbling and even growth in Britain's mighty service sector has almost ground to a halt as a global credit crunch means the cheap loans and easy lending of the last few years are over.
The central bank has already cut borrowing costs three times from a peak of 5.75 percent since late 2007 to protect consumers and businesses. Many economists say rates could fall as similar number of times over the next year.
"The financial crisis is clearly sharply applying the brakes on the economy," said Peter Spencer, chief economic adviser at Ernst and Young. "Its most obvious effect is to be seen in the housing market, where the mortgage famine is rapidly undermining both prices and transactions."
But inflation is running high, complicating life for policymakers in Britain as well as in many other parts of the world, as supermarkets raise ordinary food prices and the cost of petrol hits record highs.
BoE policymaker David Blanchflower has said worrying about inflation now is like fiddling when Rome burns. He warned that the economy could soon follow the United States into recession and that house prices could tumble 30 percent.
But other policymakers are more sanguine, especially as the BoE's mandate is to keep inflation at two percent. It is currently well above that and expected to go higher still.
The European Central Bank also left interest rates unchanged on Thursday at 4.0 percent as it grapples with high inflation and a slowing euro zone economy.
TROUBLE FOR BROWN
Attention will now focus on the BoE's new inflation forecasts next week for a clearer idea of the BoE Monetary Policy Committee's latest thinking.
Governor Mervyn King said last week that much of the current doom and gloom is being overdone. The British economy is still expected to grow 1.6 percent this year, according to the IMF, the fastest rate among the Group of Seven rich nations.
But there is little doubt the economy -- once the jewel in Prime Minister Gordon Brown's crown -- is losing its sparkle, particularly as concern grows that the bursting of the housing market bubble could herald more serious economic trouble.
Consumer confidence has fallen to levels not seen since the recession of the 1990s and voters last week punished Brown's Labour Party by knocking it into third place in local elections.
With his leadership in question, Brown is hoping for an economic rebound in time for a national election that must take place by May, 2010.
Brown, who was finance minister for a decade of prosperity until last year, has said the economy will be his main focus. He has called on mortgage lenders to make borrowing easier for British consumers, who are already in debt to the tune of 1.5 trillion pounds.
The BoE, however, has made clear it does not want to see a return to what it has characterised as the excessive lending of recent years. Its report next week is likely to say that an extended period of slower growth will be needed to ensure inflation does not get out of control.
"That economic slowdown is already starting to emerge, but it is early days so far," said Michael Saunders, economist at Citigroup. "The economy is likely to slow sharply further in coming months. Most of the economic pain still lies ahead."
(additional reporting by Matt Falloon and David Clarke) ((Reporting by Sumeet Desai; editing by David Stamp; Reuters messaging: sumeet.desai.reuters.com@reuters.net; +4420 7542 7708))
Keywords: BRITAIN BANK/RATES
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