Bank of England Keeps Rates Unchanged Paving Path for Fed Inaction Next Week

The Bank of England left benchmark interest rates unchanged Thursday, after cutting them in August, paving the way for the Federal Reserve to do the same thing next week when it holds its September meeting. "The Bank of England really didn't shift its view from August," said Simon Smith, chief economist at FxPro in London, adding that he doesn't see the Fed raising rates next week. The Fed, aside from monitoring economic developments in the U.S., doesn't want to stray too far from the policies of global central banks, like the BOE, the European Central Bank and the Bank of Japan, which are currently in the process of stimulating their economies. The Fed is looking to normalize policy after years of crisis-era interest rates. TheStreet's Scott Gamm reports from Wall Street.