The Bank of England cut interest rates for the first time since 2009 on Thursday, to limit potential economic fallout from the June 23 Brexit vote. 'The Bank of England delivered a monetary sledgehammer,' said Michael Ingram, a market analyst with BGC Partners, based in London. The move sent the pound down 1.4 percent against the dollar, a decline eerily similar to what was seen in the immediate aftermath of the Brexit vote. Benchmark rates now stand at 0.25 percent in the UK. The central bank also said it will purchase 60 billion pounds of government bonds over the next six months. Corporate bonds will also be purchased. Plus, the majority of BOE members expect interest rates to be cut to zero by year's end. TheStreet's Scott Gamm reports from Wall Street.
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