The pound was weaker against the dollar after the Bank of England kept its benchmark interest rate at a record low and left its asset-purchase program unchanged. U.K. government bonds advanced. Policy makers held the rate at a record-low 0.5 percent and maintained the central bank’s bond holdings at 200 billion pounds ($323 billion) today. All 61 economists in a Bloomberg News survey predicted the London-based central bank would leave the main rate unchanged and 34 economists in a separate survey predicted it would keep the so- called quantitative-easing program on hold. “I would be pretty surprised if we see any reaction in sterling,” John Hydeskov, chief analyst at Danske Bank A/S in London said before the decision was announced. “The decision is expected, nothing is priced in to the curve.” Sterling depreciated 0.3 percent to $1.6150 as of 12:09 p.m. in London. It was 0.2 percent stronger at 85.68 pence per euro. Details of policy makers’ deliberations will be released on March 23, when the minutes of the two-day meeting that ended today are published. Three of the nine-member Monetary Policy Committee voted to raise the benchmark interest rate to tame inflation at last month’s meeting. The 10-year gilt yield fell five basis points to 3.61 percent. The 4.75 percent security due March 2020 rose 0.420, or 4.2 pounds per 1,000-pound face amount, to 108.69. The pound strengthened 0.9 percent against the euro and was little changed versus the dollar, while 10-year government bond yields rose one basis point, on Feb. 10 when the Bank of England announced its previous policy decision. To contact the reporter on this story: Emma Charlton in London at echarlton1@bloomberg.net To contact the editor responsible for this story: Daniel Tilles at dtilles@bloomberg.net

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