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Citi Push Back BoE Rate Cut Call to August, From May'24

BOE
  • Citi revise their BoE view, pushing expectations for the first rate cut back to August from May 2024.
  • Their call for August follows the Autumn Statement and the larger-than-expected national insurance cut, and personal tax cuts adding to inflationary risks. They write that they still expect 100bps of cuts across the calendar year, according to Reuters.
  • They write that monpol must "not only wait for clear evidence that wage inflation has eased, but also that fiscal policy will not use any subsequent space to meaningfully increase the risk."
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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