As is often the case with central bank meetings in the era of communication-as-a-policy-tool, the Bank of England’s “decision” (read: no change) on interest rates was already telegraphed well in advance. But for the always forward-looking markets, there was still plenty to digest from this morning’s BOE statement.
The UK’s FTSE 100 index has had an amazing run of late, outperforming many of its peers. It has been supported above all by a weaker pound after a run of poor economic pointers sharply reduced the probability of a Bank of England rate increase in May.
U.S. futures are coming under pressure once again ahead of the open on Thursday, as investors continue to display an anxiety about the path of interest rates against a backdrop of escalating trade conflicts.