The Bank of England is widely expected to hold interest rates as inflation stays above target

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The Bank of England is widely expected to hold interest rates as inflation stays above target

2024-09-18 21:34 Last Updated At：21:40

LONDON (AP) — The Bank of England is widely expected to keep interest rates unchanged on Thursday, a day after official figures showed inflation in the U.K. holding steady at an annual rate of 2.2% in August, with higher airfares offset by lower fuel costs and restaurant and hotel bills.

Central banks around the world dramatically increased borrowing costs from near zero during the coronavirus pandemic when prices started to shoot up, first as a result of supply chain issues built up and then because of Russia’s full-scale invasion of Ukraine which pushed up energy costs. As inflation rates have fallen from multi-decade highs recently, they started cutting interest rates.

The latest reading from the Office of National Statistics on Wednesday was in line with market predictions and means that inflation remains just above the British central bank's goal of 2% for the second month running, having fallen in June to the target for the first time in nearly three years.

Last month, the central bank reduced its main interest rate by a quarter-point to 5%, the first cut since the onset of the pandemic. It was a close call though with four of the nine members voting for no change.

Later Wednesday, the U.S. Federal Reserve is expected to cut rates for the first time in four years.

Most economists think the Bank of England's monetary policy committee will take a pause on Thursday as some panel members have voiced ongoing worries about price rises in the crucial services sector, which accounts for around 80% of the British economy. Wednesday's data showed that services sector inflation jumped to 5.6% in August from 5.2% in July as a result of higher airfares across European routes.

However, they think that the bank will most likely cut again in November, in the wake of the government's budget on Oct. 30.

The new Labour government has said that it needs to plug a 22 billion-pound ($29 billion) hole in the public finances and has indicated that it may have to raise taxes and lower spending, which would likely weigh on the near-term outlook for the British economy and put downward pressure on inflation.

“An interest rate cut on Thursday is looking unlikely with the majority of the Monetary Policy Committee likely to want to assess the impact of next month’s budget before deciding when to loosen policy again,” said Suren Thiru, economics director at the Institute of Chartered Accountants in England and Wales.

Lindsey Vonn takes a low-risk approach and places 14th in her return to World Cup skiing at age 40

2024-12-21 22:19 Last Updated At：22:21

ST. MORITZ, Switzerland (AP) — Lindsey Vonn was not about to put everything on the line in her first World Cup race back after more than five years of retirement.

Not with her history of crashes and injuries.

Not with her new titanium knee.

Not at age 40.

Vonn took a low-risk approach and finished 14th in a super-G on Saturday, crossing 1.18 seconds behind Austrian winner Cornelia Huetter.

“This was the perfect start,” Vonn said. “Today is just the first step and I’m not looking for more. Today I really needed to get to the finish. I wanted to have a solid result. And that’s exactly what I did.

“There’s definitely a lot that I have left to give," Vonn added. "Today was not the day to try to do anything special.”

Still, when Vonn came down, the crowd of Swiss-flag-waving fans turned silent in anticipation and all of the other top skiers watched her run on a perfectly clear day in the Alps.

“To have her back on the world stage is just fantastic,” said Sophie Goldschmidt, president and CEO of U.S. Ski and Snowboard. “Just the attention she’s bringing to the sport and the role model she is — it’s a big day.

“These kind of moments transcend outside of just sports. We see it with Mikaela (Shiffrin) and what she’s done recently, which is just superhuman as well, setting all those records."

Vonn lost time early in her run but nearly matched the top finishers in the middle and bottom section of the Corviglia course.

When she reached the finish and saw her time, Vonn flashed a wide smile and waved to the crowd.

“I didn’t risk anything with the line. I was a little bit conservative in some sections, but overall I skied really well. Now I just need my top section to be a little faster and I’ll be in really good shape,” said Vonn, who is planning to race another super-G in St. Moritz on Sunday.

Vonn finished less than a second off the podium, which also included Olympic champion Lara Gut-Behrami in second place, 0.18 behind Huetter, and Sofia Goggia in third, 0.33 back.

“I’m really close to being there," Vonn said. "I’m just not quite there yet.”

Vonn started No. 31 under a new wild card rule for former champions. But that still meant going after all of the current top-ranked skiers had raced.

“The course was a little bit bumpy when I went and so some sections I was a little bit more conservative with my line," she said. “But in some sections I was really fast.”

Vonn had to cut her career short in 2019 due to a series of crashes and injuries, but then she had knee replacement surgery in April and had two titanium pieces inserted into her right knee. Her knee feels better than it has in years, so she decided to come back.

“The last few years of my career were so much different than they are right now," Vonn said. "I’m skiing without thinking about my knee, which I really haven’t done since I first tore my ACL in 2013. So it’s been a long time that I felt this good and I’m a little bit older, but honestly, I’m a hell of a lot stronger than I once was.”

Eight-time overall World Cup champion Marcel Hirscher also took advantage of the wild card rule and returned this season after five years away. But then Hirscher tore his left ACL while training in giant slalom and announced earlier this month that his comeback season was done.

Vonn left the tour with 82 World Cup wins — the record for a woman at the time and within reach of the then all-time Alpine mark of 86 held by Swedish standout Ingemar Stenmark. The women’s record held by Vonn was eclipsed last year by Shiffrin, who now has an outright record 99 wins.

Shiffrin, who shares the record of five wins in St. Moritz with Vonn, isn’t racing this weekend as she recovers from abdominal surgery to clean out a puncture wound she sustained in a crash last month.

Vonn is attempting to enter unchartered territory in terms of success at an advanced age in women’s skiing.

The oldest woman to win a World Cup race was Federica Brignone, the Italian who won the giant slalom in Soelden, Austria, in October to start this season, at age 34.

“It’s super impressive,” said Vonn’s U.S. teammate Jacqueline Wiles, noting that Vonn didn’t have as much preseason preparation as other skiers. “If anybody could do it, she could. The more she gets comfortable and gets kind of back up to speed, she’s going to be right in there.”

So will Vonn charge harder on Sunday?

“Step by step,” Vonn said. “Patience.”

AP skiing: https://apnews.com/hub/alpine-skiing