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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
BoE keeps key interest rate unchanged
The BoE, in its latest monetary policy meeting, kept its benchmark interest rate unchanged at 0.1% and maintained its asset purchase facility at £895 billion, as widely expected. Further, the BoE upgraded its outlook for the British economy. The central bank indicated that it does not intend to tighten monetary policy at least until it is close to achieving the 2% inflation target. Moreover, members expect annual inflation to return to around 2% in the spring.
Christine Lagarde warns stimulus may take time
European Central Bank (ECB) President, Christine Lagarde, in her latest speech, indicated that the central bank may need some time before the recently agreed acceleration in the pace of money printing, which was a part of the ECB’s support for the economy from the fallout of the coronavirus pandemic. Further, she stated that risks surrounding the region’s growth outlook over the medium term have become more balanced.
Euro-zone’s trade surplus narrowed in January
In the Euro-zone, the seasonally adjusted trade surplus narrowed to €24.20 billion in January, compared to a surplus of €27.50 billion in the previous month.
US number of initial jobless claims unexpectedly rose in the week ended 12 March 2021
In the US, the seasonally adjusted number of initial jobless claims unexpectedly climbed to a level of 770.00 K in the week ended 12 March 2021, compared to a revised level of 725.00 K in the prior week. Markets were expecting the number of initial jobless claims to fall to a level of 700.00 K.
US Philadelphia Fed manufacturing index unexpectedly surged in March
In the US, the Philadelphia Fed manufacturing index unexpectedly jumped to a reading of 51.80 in March, compared to a level of 23.10 in the previous month. Markets were expecting the index to fall to 23.00.
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