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IMF warns Bank of England against inflation inaction ahead of key vote

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LONDON — The International Monetary Fund has urged the Bank of England to avoid “inaction bias” as it gears up for a key vote Thursday on when to hike interest rates in the face of high inflation.

The Bank’s Monetary Policy Committee surprised markets in November by voting 7-2 to keep its benchmark interest rate at its historic low of 0.1%. Governor Andrew Bailey acknowledged that the “warning signs are there” on inflation, but said policymakers would need to see more data from the labor market to assess the effects of the country’s furlough scheme before tightening policy.

Full story: CNBC

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With inflation surging and the omicron Covid variant expected to spread through the region, the European Central Bank has the unenviable task of presenting its policy outlook for 2022 on Thursday.

The rise in the cost of living for the euro area (the 19 nations that share the euro) reached a record high of 4.9% in November, while omicron looks likely to become the dominant coronavirus strain with some European economies already locked down due to the delta variant.


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