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BoE Expects Inflation to Fall Below Target, Raising Scope for Addtional Rate Cuts
Thursday, 13 November 2008 08:10:58 GMT
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BoE's Sentance hints at further rate cuts. In an interview with BBC radio, Sentance said that "prospects for inflation have also changed - inflation is now set to be below the target for the next year and that gives us more scope to cut interest rates". He stressed that recent rate cuts will take time to feed through and noted that in "the short term we will continue to see negative indicators in the real economy, and it's probably more towards the middle of next year that we'll begin to see the impact". We expect the BoE to cut the repo rate by 50 bp to 2.50% next month and lower the rate another 100 bp in the first half of 2009.
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