The Bank of England kept rates unchanged on Thursday and said it was slowing the pace of its quantitative tightening programme and skewing sales away from long-dated gilts to minimise the impact on turbulent bond markets.

Andrew Bailey has done little to ease the monumental challenge facing Rachel Reeves in her Budget in November.

That, as our colleague Conor Cooper points out, is after Chair Powell pushed back against betting that the Fed is now set to sweep in with a series of reductions, instead calling this a “risk-management” cut and stressing that the decision making will still be meeting-by-meeting.

Interest-rate decisions are due from the Bank of England and the Bank of Japan, plus earnings from companies such as FedEx are slated. Here’s what to watch for: Today Economic data: Weekly jobless cla

FT reports Bank of England’s plan to cap systemic stablecoin holdings faces pushback from Coinbase and UK trade groups over enforcement and competitiveness.

The Bank of England’s Monetary Policy Committee, which next meets on Thursday, is facing a conundrum. The UK economy is sluggish and the labour market is gradually easing, yet successive inflation readings have been firmer than expected, casting doubt on whether further rate reductions are warranted for now.

August’s inflation report will be published at 7am this morning, one day before the Bank of England’s next rate-setting meeting

European stock markets rose while Asia was mixed on Thursday after the US Federal Reserve lowered interest rates but left investors wondering how many more cuts were in the pipeline.