TechFlow News, March 19: According to JINSHI Data, the Bank of England (BoE) unanimously decided on Thursday to hold interest rates steady—a first in four and a half years without any dissenting votes. The tone of this meeting marked a significant shift. The Middle East conflict has disrupted oil production in the world’s most critical petroleum region and impeded tanker shipments through the strategically vital Strait of Hormuz. Monetary policymakers have opened the door to potential rate hikes, with Governor Bailey warning that policy must “respond to risks of a more persistent impact on UK CPI.” In another statement, he added: “Regardless of the outcome, our duty is to ensure inflation returns to the 2% target.” The BoE removed from its March statement the phrase “the base rate may be further reduced,” which had appeared in its February statement. BoE’s most dovish policymaker, Catherine Mann, stated that if a prolonged energy supply crisis emerges, interest rates may need to rise. Several monetary policymakers indicated that, had the conflict not erupted, they would have supported lowering borrowing costs.
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