BoE unmoved by Fed on QE

All eyes were on the Bank's MPC following the Federal Reserve's decision yesterday to pump some $600bn (£373bn) of fresh funds into the US economy in a bid to kick-start its recovery. Global markets surged following news of the injection - dubbed QE2 - with London's FTSE reaching a seven-month high earlier on Thursday. Higher-than-expected third quarter GDP growth of 0.8%, as well as upbeat manufacturing and house price data, has diminished the case for further QE. Interest rates have now been at the historic low of 0.5% since March 2009. A further programme of QE in the UK rema...