Huw Pill the Bank of England's top economist hinted at a possible interest rate cut this summer if inflation continues to ease, considering a decline in persistence.
Governor Andrew Bailey did not rule out a rate cut, expressing optimism that the economy is heading in the right direction, postulating one may occur in June.
Inflation forecasts suggest a 2% CPI target by Q2 2024, but Pill acknowledges the necessity to make progress to meet the Bank's 2% target.
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