Sterling fell across during trading yesterday (October 12th) after a report predicted that interest rates will be kept on hold until 2011.The statement from the Centre for Economics and Business Research also declared that target rate will not breach the two per cent mark until at least 2014, a statement which sent the pound tumbling against its most actively traded counterparts.Speaking to Reuters, Marc Chandler, head of global strategy at Brown Brothers Harriman in New York, commented: "[The report] doesn't come as a surprise to anybody. They are going to keep rates on hold for some time."At its most recent strategy meeting last week, the Bank of England's Monetary Policy Committee voted in favour of keeping interest rates on hold at 0.5 per cent - the lowest level in the bank's 315-year history - but ruled against increasing the scope of its controversial £175 billion quantitative easing programme.