Snippets from analysts on the 2024 outlook for the Bank of England:
Goldman Sachs predict the first rate cut from the BoE in May, a 25bp rate cut to the Bank rate
- then further 0.25% cuts at each policy meeting until the base rate hits 3pc by May 2025
- citing “softer sequential wage growth and inflation data”
Capital Economics forecast for the first Bank of England rate cut has moved to June (previously had tipped November)
- sees a reduction in the key rate from 5.25% to 3% in 2025
Deutsche Bank
- thinks rates could be cut to 4% by the end of 2024
- citing expectations for inflation to drop to the 2% target in April or May, and says a soft landing is the bank’s base case
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Bank of England dates ahead for this year: