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Last Week’s Highlights
BoE Leaves Rates Steady but Gives a Cautious Outlook on Economy
The Bank of England held its monetary policy meeting on Thursday. While leaving interest rates unchanged at 0.10% it also left the bond-buying program steady at £745 billion.
The decision to leave interest rates unchanged was unanimous. The central bank said that it does not expect the UK’s economy to rise more than the pre-coronavirus level at least until the end of 2021.
In the short term, policymakers were optimistic. According to the officials, the GDP is forecast to shrink by 9.5% in 2020, compared to the 14% contraction that was forecast in May.
US Services & Manufacturing Activity Picks Up in July
Both measures of activity, covering services, and manufacturing saw a modest increase in July. Data from the Institute of Supply Management showed manufacturing activity rising to 54.2 in July, up from 52.6 in June.
The non-manufacturing services activity grew to 58.1, up from 57.1 in June....
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