The Bank of England signalled it would cut rates this summer if inflation stays low, even as it kept borrowing costs at a 16-year high of 5.25 per cent.
Andrew Bailey, governor, told a press conference on Thursday that a rate cut at the Monetary Policy Committee’s next meeting in June was neither “ruled out” nor a “fait accompli”.
But he added: “It’s likely that we will need to cut bank rates over the coming quarters . . . possibly more so than currently priced into market rates.” Traders currently expect the BoE to make two 0.25 percentage point cuts by December.
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