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Bank of England sticks to the script and keeps rates on hold
The Bank of England has been careful not to endorse the idea of a near-term rate cut in its latest policy statement. We think it will want to see April and May's inflation data before doing anything, and that pitches June as the earliest date for the first rate cut. We're sticking to our call for the first move in August, though. The Bank keeps rates on hold as the hawks throw in the towel: The Bank of England has kept rates on hold at 5.25% and more importantly, it's keeping its so-called forward guidance unchanged. That guidance, which has stayed broadly the same for a few months now, says that rates need to stay ... (full story)