Central bank signals that further reduction is unlikely before next year as it raises post-budget inflation forecast
Bank of England governor Andrew Bailey. “We need to make sure inflation stays close to target, so we can’t cut interest rates too quickly or by too much,” he said on Thursday. Photograph: ShutterstockThe Bank of England has cut interest rates to 4.75 per cent after inflation fell to a three-year low in September, as it signalled that a further move is unlikely before early 2025.
The pound rose slightly after the decision, up 0.4 per cent on the day against the dollar at $1.293. The 10-year gilt yield was steady at 4.55 per cent. Inflation hit 1.7 per cent in September, the first time it has dipped below the BoE’s 2 per cent target since 2021, but the BoE expects it to increase in coming quarters.
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