Given the better starting point and improving economic outlook, it would be a surprise if the Monetary Policy Committee (MPC) didn’t come out with a stronger set of economic forecasts than it had in February at its next meeting on Thursday 6th May. But we think that it will use the policy statement to push back against the markets’ expectation that interest rates will rise within the next year. Instead, we think it will be 2025 before the MPC decides to raise rates.
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