The January jobs report revealed a drop in the unemployment rate to 4%, accompanied by payroll gains of 143,000. A Fed interest rate cut in March is now very unlikely.

U.S. job growth slowed more than expected in January after robust gains in the prior two months, but a 4.0% unemployment rate probably will give the Federal Reserve cover to hold off cutting interest rates at least until June.

Jobs growth slowed in January but a downtick in the unemployment rate, an uptick in wage growth and revisions to prior hiring figures should keep the Federal Reserve on hold when it comes to interest rates,

Bank boss Andrew Bailey told the BBC it expected to cut rates further but warned the road ahead would be bumpy.

The Bank of England halved its growth projection for the British economy this year as it cut its main interest rate Thursday for the third time in six months. In a statement, the bank's nine-member Monetary Policy Committee lowered its main interest rate by a quarter of a percentage point to 4.

Interest rates were lowered by a quarter of a point. Governor Andrew Bailey said there was "heightened uncertainty".