The BoE makes another step towards a rate cut

We got some more dovish signals today with another member joining the rate cut camp and the inflation forecasts revised lower.

Giuseppe Dellamotta

Thursday, 09/05/2024 | 11:30 GMT

The BoE made another step towards rate cuts with a negative revision to inflation forecasts and Ramsden joining Dhingra for a rate cut. Not big surprises but the addition of the line saying "will consider forthcoming data releases and how these inform the assessment that the risks from inflation persistence are receding" suggests that the BoE might even cut in June if we get downside surprises in the inflation figures. The next data to watch will be the labour market report on May 14 and the CPI data on May 22.