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Despite record-high unemployment rates, the Bank of England Governor still supports keeping the interest rate unchanged.
BlockBeats News, November 11th, Bank of England MPC Member Greene has indicated that she continues to support keeping the interest rate unchanged, despite Tuesday's data showing the UK's unemployment rate rising to its highest level since the beginning of the pandemic.
Greene stated that she believes the worst period for the labor market is behind us and warned that businesses are forecasting higher wage growth. Greene's comments came just hours before official data showed that the unemployment rate rose to 5% in the three months to September, higher than the economists' expected 4.9%, reaching its highest level since the beginning of 2021. Traders' reaction to this was to increase bets on a rate cut by the Bank of England, with the market currently pricing in over an 80% probability of a rate cut in December.
Greene is one of the more hawkish members of the nine-person Monetary Policy Committee. Last week, she supported the majority decision to keep rates unchanged, while four other officials wanted a further 25 basis point cut. She described the current policy stance as not being "intentionally restrictive." (FXStreet)
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