BoE to Cut Rates to 4.5% Amid Slowing Growth & Inflation Concerns

The Bank of England is expected to cut interest rates by 25 basis points to 4.5%, marking its third reduction in six months, with a 98% market expectation for the move. Analysts predict at least two more cuts in 2025, as the UK economy faces a downgrade in GDP growth forecast from 1.5% to 1%, along with heightened inflation pressures due to energy costs and a weakening pound. With the Citi economic surprise index at a near year-low and GDP likely to underperform, unemployment worries are adding pressure for quicker rate adjustments. BoE Governor Andrew Bailey will address the economic outlook and the central bank's monetary policy decisions during today's press conference. Stay tuned for detailed insights!
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