"In a fairly sudden change of approach, several major banks are now predicting that the Bank of England will cut interest rates this week down to 3.75 per cent. The MPC's next meeting comes on Thursday 6 November and, up until only a few weeks ago, few if any thought there would be a cut pre-Budget - most didn't expect one until 2026."
"But the combination of fewer jobs vacancies as companies cut back on hiring, and inflation unexpectedly flattening out in September, now has the like of Barclays and Goldman Sachs believing that a split vote will result in a November cut in a boost to mortgage seekers. Meanwhile, the price of oil has pushed higher as Opec pauses its output hikes, while gold has crept back above $4,000 after a steep recent decline."
Several major banks now predict the Bank of England will cut interest rates to 3.75% at the Monetary Policy Committee meeting on Thursday 6 November. Few expected a pre-Budget cut until 2026 only weeks ago. Deteriorating labour-market indicators, including fewer job vacancies and reduced hiring, combined with inflation flattening in September, underpin the shift in expectations. Barclays and Goldman Sachs see a likely split vote that could deliver a November cut, which would benefit mortgage seekers. Commodity markets moved: oil prices rose as Opec paused output hikes, and gold climbed back above $4,000 after a steep decline.
Read at www.independent.co.uk
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