ECB and Bank of England Hold Steady
The European Central Bank and the Bank of England left official interest rates unchanged at their respective Sept. 6 policy meetings, both stressing that the outlook has become more uncertain and that it is too early to judge the impact of recent market turbulence. Yet, while the BoE now seems unlikely to hike rates again this year, the ECB has left all its options open—and maintained a tightening bias. ECB President Jean-Claude Trichet was once again eager to stress that the ECB does not precommit and will only decide on the day, which means that an October hike is still a possibility.
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