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Finance

Pound and bond yields dip after BoE holds rates but three officials dissent

Published by Global Banking and Finance Review

Posted on December 19, 2024

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LONDON (Reuters) - The pound slipped on Thursday after the Bank of England held interest rates but three policymakers voted to lower borrowing costs, denting a rebound against the dollar as markets swung in the wake of the Federal Reserve's decision on Wednesday.

Britain's 10-year government bond yield fell and was last up 1 basis point at 4.569%, from 4.598% before the decision. The BOE-e27aa96a-1849-4bf0-93aa-486e3a9568bc>BoE held rates at 4.75%.

The U.S. Fed cut interest rates on Wednesday but policymakers said they now envisage fewer rate cuts next year, sending the dollar surging and the pound down more than 1%.

British bond yields rose on Thursday before the BOE-e27aa96a-1849-4bf0-93aa-486e3a9568bc>BoE decision, reflecting a jump in U.S. government yields overnight. Yields move inversely to prices.

The UK's FTSE 100 was last down 1.1%, having traded around 1.4% lower before the BOE-e27aa96a-1849-4bf0-93aa-486e3a9568bc>BoE's announcement, after a sharp sell-off in U.S. stocks on Wednesday.

(Reporting by Harry Robertson)