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BoE upgrades growth forecasts as recovery takes hold
The Bank of England (BoE) updated its growth, inflation and unemployment forecasts Wednesday, raising market expectations that it could cut interest rates sooner than expected -- but not just yet. The bank updated its inflation, growth and unemployment rate forecasts on Wednesday to reflect an increasingly rosy picture of accelerating growth, falling inflation and a four-year low in unemployment in the U.K. In its latest quarterly Inflation Report, the bank predicted that the U.K. could see 7 percent unemployment as early as the last quarter of 2014, if interest rates stay low, two years earlier than it had expected ... (full story)