The Bank of England today left its key lending rate at 4.75% for the third month in a row, as expected, as evidence mounts that five interest rate increases in a year have slowed the economy down.
Only one of the 45 analysts polled by Reuters last week had expected the central bank to raise rates, while an increasing number said borrowing costs have already peaked and the next move would be down.
Others say another quarter percentage-point hike is likely early next year, probably in February, but much will depend on the BoE's new forecasts for inflation and growth, due to be published next week.
The central bank will have to balance the competing effects on inflation of a slower than expected economy - growth halved between the second and third quarters - and a weaker pound and lower market interest rates.
The Bank offered no statement to accompany its decision.
