Money Minute Wednesday 29 January: UK house prices and American interest rates

Good morning and welcome to Money Minute, where we preview the day's biggest financial stories.

In the UK this morning, we get the first Nationwide house prices reading of the year. There have been tentative signs of the housing market rallying, even prior to the election in December. So the latest reading will be watched closely for signs that house prices might start to perk up again.

Meanwhile, in the US today, the Federal Reserve announces its latest decision on interest rates. Recent economic data in the US has been solid, so rate cuts aren't likely. However, the US central bank has also made it clear that it has no intention of raising rates again until inflation is a genuine threat. So it is not expected to change rates from the current range of 1.5% to 1.75%.

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However, investors may be keen to hear more about current problems with the repo market, which have forced the Fed to pump more money into markets by buying short-term US government debt.