“Financial Faux Pas: How One Mistake is Costing Drivers £112 Million Annually – A Money Blog”

In its announcement yesterday, the Fed said: “The information received since the Federal Open Market Committee met in June indicates that the labor market remains strong and that economic activity has been rising at a moderate rate.

“Job gains have been solid, on average, in recent months, and the unemployment rate has remained low. Although growth of household spending has picked up from earlier in the year, growth of business fixed investment has been soft.

“On a 12-month basis, overall inflation and inflation for items other than food and energy are running below 2 percent. Market-based measures of inflation compensation remain low; survey-based measures of longer-term inflation expectations are little changed.”

The decision to cut rates comes as the US and China continue to engage in a trade war, with China’s yuan currency recently weakend by the Trump administration.

The US central bank also said it would take appropriate action if there were any further signs of economic weakness.

The Fed’s decision to hold rates today was unanimous.

The Bank of England’s Monetary Policy Committee is due to announce its latest decision on UK interest rates at midday today, with most economists expecting no change to the current 0.75% rate.

However, there has been speculation that the Bank could surprise markets with a rate cut, as recent economic data has shown the UK economy slowing down.

This would mark the first rate change under new Governor Andrew Bailey, who took over from Mark Carney in March.

The Bank’s decision comes after yesterday’s news that the UK inflation rate fell to 3.4%, its lowest level in three years. Inflation is a key factor in the Bank’s decision making on rates, with the aim to keep it at around 2%.

Brexit uncertainty and the ongoing US-China trade war have also been cited as potential factors in the Bank’s decision.

The Bank’s statement and minutes from the meeting will be closely scrutinized for any hints of future rate cuts or other policy measures. Stay tuned for updates on the Bank’s announcement and the market’s reaction.

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