Is June now in play for both the UK and the ECB was the question raised today as the Bank Of England kept rates on hold but said a June rate cut was not ruled out though also wasn’t planned. There were two voters for a cut (we had predicted one) and based on current market interest rate expectations (4.79% by Q4 2024) the MPC forecasts CPI inflation will be below 2% in two years’ time (1.9%). This suggests two 25bp rate cuts are likely this year (and we still see August and November) but the qu…
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