Bank likely to start cutting rates in June, economists say

Markets upped their bets on Thursday that the Bank of England will make its first interest rate cut in June after it sent out the most dovish signals in years.

While keeping rates unchanged at 5.25% was important, “more importantly” the Bank kept its guidance unchanged, Mr Smith said. “The fact that the forward guidance has stayed unchanged today suggests markets are right to put a relatively small probability on a May rate cut,” Mr Smith said.The MPC’s next meeting is on May 9, followed by meetings on June 20 and August 1.April’s inflation data from the Office for National Statistics , which could see a reading below 2%, will not come out until May 22.

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