BoE holds key rate steady at 5.25% on easing inflation, joins US Fed to avoid another rate hike

The Bank of England (BoE) on Thursday, September 21, held its key interest rate at 5.25 per cent following 14 hikes in a row to fight soaring inflation. The decision to freeze the borrowing costs came one day after official data revealed a cooling of consumer price rises in Britain. BoE has joined the US Federal Reserve in avoiding another rate hike after Fed Chair Jerome Powell-led Federal Open Market Committee (FOMC) on Wednesday held the overnight interest rate unchanged at 5.25 per cent – 5.50 per cent.