Coming up from the Bank of England on Thursday, 9 May 2024, at 0700 US Eastern time:
Preview snippets.
Via Bank of America:
- 7-2 vote in favour of leaving the Bank rate unchanegd
- Ramsden and Dinghra expected to vote for a 25 basis point cut
- But we should see in the minutes a continuation of the pivot towards cuts. Forecasts are likely to reflect that. Given hawkish market pricing we would expect inflation slightly below target by 2026, leaving the door open for a cut in the next few meetings, including June.
Via Westpac:
- The Bank of England is widely expected to leave rates on hold at its upcoming policy meeting.
- Prospects for rate cuts over the coming months remain favourable, so hints around the precise timing of policy easing will be in focus.
Via BNZ:
- The Bank of England is unanimously expected to hold
rates steady at 5.25%. - It is likely to be another 8:1 split
vote with one MPC member continuing to call for a rate
cut. - The BoE will release its inflation report containing
updated economic projections. - The market is pricing the
first 25bps rate cut by August and about 55bps of easing by
the end of the year.
CBA:
- The Bank of England is widely expected to leave interest rates unchanged.
- The post meeting communication and voting split among Committee members will be in focus as market participants look for hints the BoE is getting closer to considering a rate cut.
- We expect the first BoE interest rate cut in September.
Earlier:
- Bank of England meet today. Bank rate to be left unchanged at 5.25% … what to focus on
- What is the technical roadmap for the GBPUSD through the BOE interest rate decision.
- Bank of England preview – expect a change in the messaging in favour of rate cuts
- Bank of England preview – on hold in May with expectations firming for a June rate cut
This article was written by Eamonn Sheridan at www.forexlive.com. Source