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The outcome of today’s BoE vote on interest rates will be in the offing but if rates do not rise today, it could be in February, according to Silvia Dal Angelo, chief economist at International Business of Federated Hermes.
She explained: “The bank could use a few more weeks to get more clarity on the effects of Omicron on the outlook and to see if the government measures recently adopted are sufficient to contain the rapid rise in the country.
“In the meantime, additional data will also be available on the labor market impact of the expiration of the vacation scheme.
“Overall, it makes sense for the Bank of England to keep interest rates on hold at its next meeting, avoiding jittery markets ahead of the liquid holiday period.
“The February meeting – including a full reassessment of expectations and a press conference to explain the rationale for the policy change – appears to provide the MPC with a more appropriate setting for a rate hike.”
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