By Shaloo Shrivastava and Jonathan Cable BENGALURU/LONDON (Reuters) - The Bank of England is now marginally predicted to make only one more increase to ...
What should you do when a traffic light is out? | SaltWireBENGALURU/LONDON - The Bank of England is now marginally predicted to make only one more increase to Bank Rate, taking it to 5.50% on Sept 21, though a significant minority of economists polled by Reuters still expect rates to go even higher this year.
Core inflation, which excludes energy and food prices and a key measure of price growth closely monitored by the BoE, remained stickier. "It comes down to the data. Ideally they would like to stop hiking given rates are restrictive... By November the Federal Reserve will be done hiking and potentially also the European Central Bank, so it is a risk being seen as the last hawk standing somewhat unnecessarily."
Despite inflation staying high, poll medians showed that as the final lift in a more dovish view than financial market expectations for 5.75% or higher by year-end. Among the 48 contributors who participated in both this and the July poll, nine reduced their peak rate by a quarter-point or more and of these, five were GEMMs.The wider poll showed inflation averaging 6.8% and 4.7% this quarter and next. Inflation was not expected to fall below 2% until at least 2025.
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