The Bank of England is expected to keep interest rates steady at a 16-year high of 5.25 per cent on Thursday but traders will be on the lookout for signs of a possible cut next month.
Rob Wood, chief UK economist at Pantheon Macroeconomics, expects the BoE will signal that it plans “to cut interest rates faster and by more than markets are currently pricing”.
Swaps markets have sharply scaled back their expectations for interest rate cuts this year, removing nearly 1.5 percentage points worth of cuts by the end of 2024, on fears that inflation may linger.
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