(Bloomberg) -- The Bank of England hinted that more policymakers may be close to backing interest rate cuts, keeping alive hopes of a loosening by the end of...
-- The Bank of England hinted that more policymakers may be close to backing interest rate cuts, keeping alive hopes of a loosening by the end of the summer.Nvidia’s 591,078% Rally to Most Valuable Stock Came in Waves
“This is clearly a dovish hold,” said Neil Jones, a foreign-exchange salesperson to financial institutions at TJM Europe. “The narrative from Bailey suggests for some, they are close to cutting.” It was the only comment from a BOE policy maker since Prime Minister Rishi Sunak called an election for July 4. BOE rate-setters have been silent during the campaign, meaning investors went into the June meeting with little insight from officials about how recent data surprises are affecting thinking on Threadneedle Street.
Investors have reined in bets on rate cuts over the summer and now expect just one in 2024, down from as many as six at the start of the year. “We expect the MPC to cut rates in August, but this is not a done deal,” said Alpesh Paleja, interim deputy chief economist at the CBI. “They remain very data-driven, so the evolution of key indicators over the coming month will be key. Furthermore, the pace of any rate cuts beyond August is likely to be gradual.
Andrew Bailey Headline Inflation Minutes Of The Meeting Monetary Policy Committee MPC Swati Dhingra Prime Minister Rishi Sunak Bank Of England
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