Although the Bank of England cut interest rates today by 25 basis points (bps), from 4.25% to 4.00%, it showed some signs that it may cut rates slower and/or not as far as our forecast of a decline to 3.00% in 2026. For now, we are sticking to our view that inflation and interest rates will fall further than most expect. But we’ve become a bit less confident in our forecast that the next 25bps rate cut will happen in November.
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