The Bank of England remains on hold as expected, and is expected to cut interest rates from November

BlockBeats news, September 19, after August inflation data remained unchanged, the Bank of England kept its benchmark interest rate unchanged on Thursday, and the market is increasingly expecting another rate cut before the end of the year. The Bank of England cut interest rates for the first time last month, lowering the interest rate level by 25 basis points. Since the beginning of this year, the inflation rate in the UK has been gradually slowing, from 4% in January to 2.2% in August, a slight increase from the low of 2% in May and June. But last month’s inflation rate was the same as in July, as rising airfares offset the impact of falling fuel and catering prices. The inflation rate in the UK’s service industry has remained high, which is one of the focuses of the Bank of England’s Monetary Policy Committee. James Smith, a UK economist at ING, said that the continued decline in expected and actual wage and price growth in recent months indicates that further interest rate cuts will be made in the future. Coupled with the continued cooling of the job market, we believe that the broad consensus of the Bank of England will shift to support a faster pace of interest rate cuts throughout the winter. We expect to cut interest rates continuously from November, and reduce the bank rate to 3.25% by the summer of next year. (Jinshi)

source