Bank of England Inches Closer to Rate Cuts as Hawks Retreat
- Governor Bailey ‘not yet at the point where it can cut rates’
- Pound falls and investors price in three rate cuts this year
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The Bank of England took another step toward cutting interest rates in the coming months after two of its most ardent hawks dropped their demands for hikes.
Catherine Mann and Jonathan Haskel joined an 8-1 majority on the Monetary Policy Committee to keep rates at a 16-year high of 5.25%, the latest sign that the BOE was edging toward easing policy later this year. That represented the first time since September 2021 that no member of the panel had supported an increase.