Jan 31, 2020 - Economy & Business

Bank of England holds interest rates steady before Brexit

Governor of the Bank of England Mark Carney. Photo: Jonathan Bradt/POOL/AFP via Getty Images

The Bank of England held interest rates at 0.75% Thursday as governor Mark Carney, in his final policy meeting, said "the most recent signs are that global growth has stabilized."

Yes, but: The BOE cut its growth expectations for Britain to 1.1% for the next three years, down from 2019's 1.4%. The projections are England's lowest since World War II.

“We no longer expect much of a pick-up [in productivity growth],” Ben Broadbent, BOE deputy governor for monetary analysis, said after the meeting.

Between the lines: Markets had priced in a 50% chance the central bank would cut rates after a string of unimpressive data, including its latest GDP report showing Britain's economy shrank by 0.2% in the second quarter and grew by just 0.4% in the third.

The big picture: The decision came just a day before Britain exits the European Union. The British pound moved to over $1.31 against the dollar and government bond yield rose.

Go deeper: Boris Johnson: U.K. has crossed the Brexit finish line now bill is ratified

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Axios

Updated 43 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

Global: Total confirmed cases as of 9 a.m. ET: 31,092,895 — Total deaths: 961,301— Total recoveries: 21,274,210 — Map.
U.S.: Total confirmed cases as of 9 a.m. ET: 6,812,470 — Total deaths: 199,517 — Total recoveries: 2,590,671 — Total tests: 95,108,559 — Map.
Health: CDC updates guidances to say coronavirus can be spread through the air — Nursing homes are evicting unwanted patients.
Politics: Testing czar on Trump's CDC contradictions: "Everybody is right."
Education: College students give failing grade on return to campus.
Business: Unemployment concerns are growing.
World: "The Wake-Up Call" warns the West about the consequences of mishandling a pandemic.

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Ben Geman, author of Generate

1 hour ago - Energy & Environment

The climate stakes of the Supreme Court fight

Illustration: Aïda Amer/Axios

Ruth Bader Ginsburg's death and the battle over her vacant Supreme Court seat have real implications for energy and climate policy.

Why it matters: If President Trump replaces her, the court will likely become more skeptical of regulations that claim expansive federal power to regulate carbon under existing law, and perhaps new climate statutes as well.

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Dion Rabouin, author of Markets

1 hour ago - Economy & Business

The tech war between the U.S. and China escalates

Illustration: Aïda Amer/Axios

Economic tension between the U.S. and China continues to escalate but is shifting in focus — away from the tit-for-tat trade war and toward a more direct confrontation over the future of technology at the heart of the conflict between the world's two largest economies.

Why it matters: The battle between the U.S. and China was always about tech supremacy and the direct confrontation could result in an accelerated splintering of global supply chains and a significant reduction of international commerce.