Gold's massive outperformance leaves bitcoin looking more attractive over the long term, says JPMorgan strategist

At its meeting ending on 4 February 2026, the Monetary Policy Committee voted by a majority of 5–4 to maintain Bank Rate at 3.75%. Four members voted to reduce Bank Rate by 0.25 percentage points, to 3.5%. Although above the 2% target currently, CPI inflation is expected to fall back to around the target from April, owing to developments in energy prices including from Budget 2025. Reflecting the impact of monetary policy, and consistent with evidence of subdued economic growth and building slack in the labour market, pay growth and services price inflation have generally continued to ease. The risk from greater inflation persistence has continued to become less pronounced, while some risks to inflation from weaker demand and a loosening labour market remain. Monetary policy is being set to ensure that CPI inflation not only reaches 2% but remains sustainably at that level in the medium term, which involves balancing the risks around achieving this. The restrictiveness of policy has fallen as Bank Rate has been reduced by 150 basis points since August 2024. On the basis of the current evidence, Bank Rate is likely to be reduced further. Judgements around further policy easing will become a closer call. The extent an BOE: DHINGRA, TAYLOR, RAMSDEN, BREEDEN WANTED CUT TO 3.5% BOE SAYS INTEREST RATES 'LIKELY TO BE REDUCED FURTHER' BOE'S BAILEY SAYS "ALL GOING WELL, THERE SHOULD BE SCOPE FOR SOME FURTHER REDUCTION IN BANK RATE THIS YEAR" ... Bank of England maintains interest rate at 3.75% with inflation still above target The Bank of England kept its main interest rate unchanged at 3.75% on Thursday with U.K. inflation remaining above target and economic growth is showing signs of picking up. The decision was widely anticipated in financial markets. The central bank, which sets interest rates for the whole of the U.K., has been steadily reducing interest rates over the past 18 months, more often than not every three months. It last cut its key rate in December by a quarter of a percentage point and indicated that further reductions are likely this year. Since then, a series of economic indicators have shown the British economy has made a stronger than anticipated start to the year, which has the potential to put upward pressure on inflation. Inflation, though trending downward over the past year or so, remains above the Bank of England’s 2% target, at 3.4%. THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.