Bank of England Governor Bailey anticipates gradual interest rate cuts from 5% to around 3% due to declining inflation.
Bank of England Governor Andrew Bailey is optimistic about declining inflation, which has dropped from a peak of 11.1% to 2.2%. He anticipates gradual interest rate cuts from the current 5%, potentially settling around 3% in the next decade. While economists expect rates to decrease to 4.75% in November, Bailey warns against expectations of a rapid return to near-zero levels. His comments have strengthened the pound's value against other currencies.
September 24, 2024
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