Like the US Fed, Bank of England is edging toward interest rate cuts — but not quite yet

By PAN PYLAS
Associated Press

LONDON (AP) — Just like the U.S. Federal Reserve, the Bank of England is edging toward cutting interest rates — though not quite yet. The United Kingdom’s central bank kept its main interest rate at a near 16-year high of 5.25% on Thursday and indicated that borrowing costs have probably peaked. However, with inflation still too high for comfort, it said it’s too soon to start cutting rates. Bank Gov. Andrew Bailey said there had been “good news” on inflation in recent months but that it’s still double the bank’s goal. Bailey wouldn’t speculate on whether the next move in interest rates would be up or down but gave a broad hint that rates have peaked.