The 'Old Lady' now seems likely to stand pat on policy at the June meeting, instead postponing the first cut until August.
Money markets price next-to-no chance of a move at the June meeting. GBP OIS curve implies just a negligible 5% chance of a 25bp cut, with the first such cut not fully priced until the November meeting.
MPC's guidance remains unchanged, emphasizing the need for policy to stay 'restrictive for an extended period.' The focus will be on inflation persistence before deciding on the first rate cut.
Collection
[
|
...
]