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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
BoE raises its key interest rate for the third time since December
The BoE, in its latest monetary policy decision, raised its benchmark interest rates for the third consecutive time since December, by 0.25% to 0.75%, as widely expected. The policymakers indicated that Russia’s invasion of Ukraine would “accentuate both the peak in inflation and the adverse impact on activity by intensifying the squeeze on household incomes”. The central bank expects inflation to rise to around 8% in the second quarter of 2022 and potentially to climb even higher in October. The BoE stated that any further tightening of monetary policy would depend on the medium-term prospects for inflation, which were then propelled upward by Moscow’s assault on Ukraine and subsequent threats to energy supply.
Euro-zone CPI advanced more than expected in February
In the Euro-zone, the final CPI advanced 5.90% on a YoY basis in February, compared to rise of 5.10% in the prior month. Markets were expecting the CPI to record a rise of 5.80%.
US industrial production climbed as expected in February
In the US, industrial production climbed 0.50% on a MoM basis in February, in line with market expectations and compared to a rise of 1.40% in the prior month.
US number of initial jobless claims fell more than expected in the week ended 11 March 2022
In the US, the number of initial jobless claims dropped to 214.00 K in the week ended 11 March 2022, compared to a revised level of 229.00K in the prior week. Markets were expecting the seasonally adjusted number of initial jobless claims to ease to 220.00 K.
US housing starts rose in February
In the US, housing starts climbing 6.80% on a MoM basis in February, compared to a revised drop of 5.50% in the prior month.
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