Bank of England Hints That The First Rate Cut Is Drawing Nearer

Jun. 20, 2024 3:45 PM ET, , , , ,
ING Economic and Financial Analysis
4.54K Followers
(5min)

Summary

  • The Bank of England kept rates on hold this month.
  • Comments in the statement and minutes suggest officials are getting closer to cutting interest rates despite some recent unwelcome services inflation figures.
  • The risks of sterling weakness emerging over coming months should largely be witnessed in GBP/USD, which we expect to trade back under 1.25.

Bank of England headquarters - City of London

georgeclerk

The latest post-meeting statement is slightly dovish

The Bank of England has voted 7-2 in favour of keeping rates at 5.25% for another month. No surprises there, but in the limited comments we got from the Bank today, this is a statement

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