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Real-time News
Intel (INTC.O) continued to rise in pre-market trading, with gains expanding to 33%.On September 18, Bank of England policymakers voted 7-2 to reduce the annual pace of the Bank of Englands purchases of gilts from £100 billion to £70 billion between 2009 and 2021. "The new target means the MPC can continue to reduce the size of its balance sheet in line with its monetary policy objectives while minimizing the impact on gilt market conditions," said Bank of England Governor Bailey. This marked the first time the Bank of England had slowed its pace of quantitative tightening since it began reducing its holdings of gilts in 2022. Between 2009 and 2021, the Bank of England purchased £875 billion of gilts to boost the economy. Bank of England Chief Economist Peel voted to maintain the reduction at £100 billion, believing it would have minimal impact on markets. MPC member Mann, however, called for a faster reduction to £62 billion. The Bank of England said sales of short-term, medium-term, and long-term gilts would be split 40:40:20 over the next year.According to US media reports on September 18th, calls to hotlines and mental health forums for farmers in the agricultural heartland of the Midwest have surged. As the critical fall harvest season approaches, Washington, supposedly an ally of the agricultural industry, has offered little action or support, raising concerns that calls will rise further. American farmers helped elect Trump, believing that "finally, someone would get justice for them." However, Winton stated, "The reality is the exact opposite. Rural Americans who contributed to this cause now feel deeply betrayed." Despite growing feelings of betrayal among farmers, Trumps promise of "long-term rewards" remains a strong draw for rural voters. A Pew Research Center poll in August showed that 53% of rural voters had a positive opinion of the president. Many expressed their belief that tariffs would ultimately strengthen the agricultural industry by discouraging foreign competition.European semiconductor stocks continued to rise, with ASML, ASM International, STMicroelectronics and Aixtron rising between 4.7% and 7.2%.On September 18, the Bank of England (BoE) held interest rates at 4% and cast doubt on the prospect of further rate cuts later this year due to growing concerns about a resurgence in inflation. The Monetary Policy Committee (MoC) voted 7-2 on Thursday to keep interest rates unchanged, with long-time dovish Dems Dhingra and Taylor supporting another 25 basis point cut. Economists had anticipated the decision and the split vote. The BoE retained guidance that future rate cuts would be "gradual and cautious" and "depend on the extent to which underlying deflationary pressures continue to ease." The statement said: "In the committees assessment, upside risks to medium-term inflationary pressures remain prominent." The BoEs language reinforced the more cautious tone since its last meeting in August, prompting traders to reduce bets on future rate cuts. Policymakers also voted to slow the pace of the BoEs reduction of its government bond holdings after volatility in the UK gilt market pushed long-term borrowing costs to their highest level in nearly 30 years. From October, the balance sheet will shrink by £70bn a year, slower than the current £100bn pace, while active sales will no longer be biased towards long-term government bonds.
