“We will be very attentive to see if further increases in interest rates are necessary“, said the Governor of the Bank of England (BoE), Andrew Bailey, after the surprising decision not to modify rates at the September meeting.
This comment comes from Governor Bailey’s inflation letter to UK Chancellor of the Exchequer Jeremy Hunt. The inflation letter was published alongside the September monetary policy statement.
“According to Reuters calculations, markets price the possibility that the Bank of England will increase the monetary policy rate by 25 basis points in November at 64%, compared to 81% before the rate announcement. Furthermore, investors now see a 55% chance that the BoE will lower the policy rate to 5% in September 2024,” noted FXStreet analyst Eren Sengezer.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
