J.P.Morgan predicts Bank of England to cut interest rates in August
In a recent announcement, J.P.Morgan has stated that it expects the Bank of England to begin cutting interest rates in August of this year. This prediction is based on the potential easing in inflation and a positive outlook for a soft landing. The brokerage firm now anticipates a 75-basis point rate cut by the end of 2024, bringing J.P.Morgan's policy rate forecast to 4.5%.
In a recent announcement, J.P.Morgan has stated that it expects the Bank of England to begin cutting interest rates in August of this year. This prediction is based on the potential easing in inflation and a positive outlook for a soft landing. The brokerage firm now anticipates a 75-basis point rate cut by the end of 2024, bringing J.P.Morgan's policy rate forecast to 4.5%. This is in contrast to the central bank's current benchmark rate of 5.25%. Previously, J.P.Morgan had estimated that the BoE would not start cutting rates until November.
Despite a surprise increase in the latest inflation report in December, overall British consumer prices began to decline more rapidly than expected in the latter months of last year. This came after a surge to a 41-year high of 11.1% in late 2022. The decrease in consumer prices led many economists to predict that they would return to the BoE's 2% target by April or May of this year, approximately 18 months sooner than the BoE had initially forecasted.
J.P.Morgan stated, "The optics of even a brief episode of sub-target inflation is likely to place additional pressure for it (BoE) to start cutting this year." Additionally, the brokerage firm raised its UK economic growth forecast to 0.3% in 2024, compared to a previous estimate of 0.2%.
J.P.Morgan's forecast of the Bank of England cutting interest rates in August is based on the potential easing in inflation and a positive outlook for a soft landing. The brokerage firm also raised its UK economic growth forecast, indicating a positive outlook for the country's economy.
J.P.Morgan predicts Bank of England to cut interest rates in August
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