Wall Street Breakfast: Bank Of England Keeps Rates Low Oct. 22, 2014 6:32 AM ET | Includes: AAPL, ARTX, AYR, BAMXY, BOND, BVNRY, CSCO, DLAKY, EMC, F, FCAU, FUJHY, GM, GNNDY, GTAT, HMC, IBM, JNJ, MMTOY, MZDAY, NSANY, OGZPY, PYHOF, QQQ, SIEGY, SNE, SPY, TKTDY, TM, TOT, TSLA, WBS
Economy The majority of the Bank of England's Monetary Policy Committee remains against raising interest rates, voting 7-2 to maintain a record low rate of 0.5%, minutes from the October 7-8 meeting show. The minutes said that for most members, there remained "insufficient evidence" of inflationary pressure to raise rates. The decision comes days after the bank's chief economist, Andrew Haldane, signaled he's gloomy about the economy, and that interest rates should remain low to avoid long-term economic stagnation.
Following the submission of euro zone countries' budgets to Brussels for review last week, France and Italy will likely hear back today that their budget plans risk breaching EU rules, FT reports. France is required to get its deficit back under the EU ceiling of 3% of economic output by next year but its plan ignored that commitment. Italy must modify its structural budget into balance by 2015, as its public debt currently sits at 135% of GDP, far above the EU ceiling of 60%.
The euro fell to a one-week low this morning following reports that the ECB is considering buying corporate bonds on the secondary market, expanding upon its private-sector asset-buying program which it began on Monday. The euro is down to $1.2694, its lowest level since Thursday. U.S. CPI data due at 8:30 p.m. ET is expected to reveal a flat annual core CPI inflation at 1.7% in September, but a softer reading could undermine the dollar by adding to speculation that the Fed could wait longer before raising rates. more http://seekingalpha.com/article/2582345-wall-street-breakfast-bank-of-england-keeps-rates-low
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