Traders reassess Bank of England rate cuts as UK grows at fastest rate in nearly 3 years

Traders reassess Bank of England rate cuts as UK grows at fastest rate in nearly 3 years

May 10, 2024 by CNBC

Key Facts

  • The Bank of England on Thursday kept its main interest rate at a 16-year high, but hinted at a cut over the summer as UK inflation cools further and the country looks set to exit recession.
  • Economists at Swiss Bank UBS were among those who shifted their view on when the BOE may cut interest rates, saying they were now expecting the first rate cut to take place in June rather than August.
  • “The broader message and the tone of the MPC were more dovish than we had anticipated,” they said in a note published following the BOE’s latest interest rate decision.
  • The central bank on Thursday said it would leave interest rates unchanged for now, and stressed that a June rate cut was in no way guaranteed.

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