November 7, 2024
The Bank of England Monetary Policy Committee voted to reduce interest rates again today, but that may be the last this year.
Another MPC Meeting and another reduction, from 5% to 4.75%—a welcome reduction. The committee cautioned that a gradual approach remains appropriate. They will remain restrictive for sufficiently long until the risks to inflation dissipate further.
So, I am still somewhat optimistic but analysts are revising their outlook.
Name | Direction | Value |
---|---|---|
Andrew Bailey (Governor) | Down | 0.25% |
Sarah Breeden | Down | 0.25% |
Swati Dhingra | Down | 0.25% |
Megan Greene | Down | 0.25% |
Claire Lombardelli | Down | 0.25% |
Catherine Mann | Hold | -- |
Huw Pill | Down | 0.25% |
Dave Ramsden | Down | 0.25% |
Alan Taylor | Down | 0.25% |
Many suggest that we may not see a further reduction this year, and the rate may be 4.75% at the December meeting. Personally, I am moving towards the likelihood of a further reduction to 4.5% in December. That is providing no blips with inflation.