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BOE Refrains From More Stimulus as Officials Assess Credit

The Bank of England refrained from adding to stimulus as policy makers kept focus on a credit-boosting program to aid the recovery.

The Monetary Policy Committee led by Governor Mervyn King said the target for its bond purchases will remain at 375 billion pounds ($589 billion). All 43 economists in a Bloomberg News survey forecast no change. The BOE also said it will reinvest proceeds of 6.6 billion pounds from gilts it holds that mature next month. The bank also said that inflation will exceed the 2 percent target for the next two years.