Prior 4.75%Bank rate vote 9-0 vs 8-1 expectedDomestic inflationary pressures are moderating, but they remain somewhat elevatedWill pay close attention to any consequent signs of more lasting inflationary pressuresGDP growth is expected to pick up from the middle of this yearThere has been sufficient progress on disinflation in domestic prices and wagesA gradual and careful approach to the further withdrawal of monetary policy restraint is appropriateWill continue to monitor closely the risks of inflation persistenceMonetary policy will need to continue to remain restrictive for sufficiently longWill decide the appropriate degree of monetary policy restrictiveness at each meetingGDP estimated to have fallen by 0.1% in Q4 2024 (previously 0.0%)GDP estimated to rise by just 0.1% in Q1 2025CPI in one year's time time seen at 3.0% (previously 2.7%)CPI in two years' time seen at 2.3% (previously 2.2%)CPI in three years' time seen at 1.9% (previously 1.8%)Full statement
I'm actually surprised the pound has fallen this much in reaction but we'll see how it plays out once traders have more time to digest the news. GBP/USD is now down 1.1% to 1.2370 from around 1.2420 before the decision.
This article was written by Justin Low at www.forexlive.com.
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