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BOE Enters Decision Week With Traders 100% on Rate Cut: Chart

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Morning Meeting: BOE's First Rate Cut in 7 Years?

Traders are pretty much certain the Bank of England will cut its key rate on Thursday, pushing the probability up to 100 percent after gauges of U.K. services and manufacturing deteriorated dramatically. Forty-five of 47 economists in a Bloomberg survey forecast the central bank will lower the benchmark in the wake of Britain’s Brexit vote, with the majority seeing a 25 basis-point reduction to 0.25 percent. Many also predict a package of complementary measures, potentially including asset purchases, credit easing or lengthening the time taken to return inflation to target.