Goldman Sachs is forecasting an initial rate cut from the Bank of England in June 2024

Goldman Sachs does not appear to be convinced by Bank of England Governor Bailey's attempt at continued hawkishness on Thursday:

Justin had the news on the Bank of England maintaining its policy rate at 5.25%, which was as expected:

• No pivot. That's the main takeaway at first glance when viewing the BOE statement

And also on Bank of England Governor Bailey speaking:

• We cannot say that interest rates have peaked

I posted today that market pricing is for a May rate cut. Goldman Sachs are not the only ones unconvinced on Bailey's swagger.

GS see a first cut in June next year, then:

• "We expect the MPC to cut at a 25bps per meeting pace until policy rates reach 3.0% in June 2025,"