Thursday, November 2, 2017

Tom Rees — Bank of England hikes interest rates for first time in a decade

  • Bank of England increases interest rates for the first time in a decade in order curb high inflation squeezing UK households
  • Base rate lifted from 0.25pc to 0.5pc; Mark Carney will give a press conference at 12.45pm to explain the central bank's decision
  • Bank of England last hiked interest rates in July 2007; interest rates fell to historic lows to help the UK economy recover from the financial crisis
  • Pound plunges on currency markets on dovish commentary from the central bank
Bitcoin has been on a tear over the last week, posting record highs on consecutive days. The digital currency had not been higher than $6,300 at the start of the week but has now gained $700 on that level in just a few days.
The recent run has been helped by news on Tuesday that CME Group, the world's largest exchange operator, plans to introduce bitcoin future contracts in response to client demand. This is seen as a stamp of legitimacy from the world of traditional finance for bitcoin.
Traders are also speculating that this week's bull run is partly helped by a coming "fork" in bitcoin's underlying software. The SegWit2x software update is scheduled for November 16 and could split bitcoin in two, creating a new currency.
This has happened in the past with bitcoin cash and bitcoin gold and, in those cases, bitcoin holders got those new coins free. As a result, investors may be piling into bitcoin in the hopes of a SegWit2x dividend. 
Bitcoin passes $7,300
Oscar Williams-Grut

Brent crude has successfully consolidated its position above $60 per barrel this week, and WTI is approaching $55 per barrel, which would be the highest oil price in more than two years.
Why Oil Bulls Are Running Rampant
Nick Cuningham

1 comment:

Noah Way said...

"increases interest rates for the first time in a decade in order curb high inflation squeezing UK households"

Raising debt cost is going to help people? LOL