Bank of England could deliver a cautious message
The Bank of England is widely seen maintaining its benchmark interest rate at 5.25% following its policy meeting on Thursday. In addition to the interest rate announcement, the central bank will release its Monetary Policy Minutes.
Despite disinflationary pressures remaining well in place in May, the Bank of England (BoE) appears poised to begin reducing its policy rate at some point in Q4 in response to still highly elevated services inflation ( 5.7% YoY vs. 5.3% YoY expected in May).
Furthermore, inflation figures in the UK saw the headline Consumer Price Index (CPI) increasing by 2.0% (down from 2.3%) and the core CPI, which excludes food and energy costs, rising by 3.5% (down from 3.9%). Additionally, it was the first time that the CPI hit the bank’s goal since October 2021
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