China Holds Loan Prime Rates Steady in January as Market Expectations Align 
New York Fed President John Williams Signals Rate Hold as Economy Seen Strong in 2026 
ECB Signals Steady Interest Rates as Fed Risks Loom Over Outlook 
Fed Confirms Rate Meeting Schedule Despite Severe Winter Storm in Washington D.C. 
Markets React as Tensions Rise Between White House and Federal Reserve Over Interest Rate Pressure 
Bank of England Expected to Hold Interest Rates at 3.75% as Inflation Remains Elevated 
Bank of Korea Expected to Hold Interest Rates as Weak Won Limits Policy Easing 
BOJ Holds Interest Rates Steady, Upgrades Growth and Inflation Outlook for Japan 
Bank of Canada Holds Interest Rate at 2.25% Amid Trade and Global Uncertainty 
BOE recently pushed back hike call to November 2016 from May 2016. Despite continued strong jobs gains, wage data have softened. Along with downward growth revisions and Brexit uncertainties, the BoE now has plenty of reasons to wait and see for longer. Recent oil price falls, by weakening the inflation outlook, give BoE plenty of room to wait.
"We expect no change from the BoE at Thursday's meeting and no signals that a change is imminent either. If anything, the minutes of the meeting could veer further into dovish territory" says BofA Merrill Lynch.
The only big question is whether the MPC vote 8-1 or 9-0 to keep rates on hold. Ian McCafferty, the sole hawk at present, is set to drop his vote for a hike at one of the next couple of meetings. Employment still gives support to his argument that the labor market has tightened enough to justify hikes (a bit like the Fed view). But the near-term inflation outlook is sufficiently subdued, and the business survey picture murky enough, that he might also prefer waiting now.
