Bank of England holds rates at 3.75% amid Iran conflict
Business
The Bank of England is holding interest rates at 3.75%, even as the UK faces rising energy costs and slower growth thanks to the conflict in Iran disrupting oil supplies.
Inflation came in lower than expected at 2.8% for May, but wages jumped by 4.4%, which could push prices up again, especially since unemployment has dropped.
US Fed holds, ECB raises rates
The US Federal Reserve also kept its rates steady this week, taking a similarly cautious approach.
Meanwhile, the European Central Bank raised rates in the eurozone as tensions continue to affect global oil markets.
There's a bit of hope, though: talk of an agreement involving Donald Trump and Iran might help calm things down and stabilize energy prices soon.