This is the Bank of England, or something like that. Today the Bank of England left its core interest rate unchanged, after the financial world thought that they would cut rates at the conclusion of today’s meeting. That’s two surprises in two weeks from the Mother Land. It’s like they have taken cues from the media and are prepping to sell their own advertising.
The Producer Price Index, measuring inflation at the wholesale level, rose 0.5% this morning. The consumer/retail inflation numbers come out tomorrow. Inflation hasn’t been a concern now for over a decade here in the U.S., though bond yields (including mortgages) are continuing to rise as they must compete for the same investment dollars that are causing stocks to reach all-time-highs.