At the policy meeting on Thursday 1st February, the Bank of England will probably throw in the towel on the pretence that interest rates could rise further and take the first steps towards cutting rates from 5.25%. We’ve pencilled in the first rate cut for June and think that rates will fall to 3.00% in 2025 rather than to 3.50-3.75% as priced into the market.
We’ll be discussing the outlook for Fed, ECB and Bank of England policy in a 20-minute online briefing at 3pm GMT on Thursday 1st February. (Register here.)
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