America News Agency

The Bank of England announces its latest monetary policy decision at midday London time. Market pricing slightly favours a 25 basis point interest rate cut from the U.K. central bank, kicking off its path of monetary easing. However, analysts say there is more uncertainty surrounding its decision than usual despite inflation holding at 2 percent, with some voting members still concerned about service sector inflation and wage growth.

The BOE’s meeting follows the U.S. Federal Reserve’s, which ended in a widely expected hold on rates. At his press conference, Fed Chair Jerome Powell said a rate cut in September—which traders view as near-certain—was “on the table” as long as inflation data continues to support one. However, Powell appeared to rule out that the cut would be as large as 50 basis points.

In U.S. trade on Wednesday, the tech-heavy Nasdaq Composite leapt 2.64 percent as Advanced Micro Devices posted a strong quarter. At the same time, Facebook owner Meta rallied in extended trading on stronger-than-expected results.