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Mann says "can't say whether there will be rate cuts this year"

BOE
  • Mann says: "I can't say whether there will be rate cuts this year. The market thinks so but I'm not going to make that judgement. Will have to see what the evolution of the economy is."
  • With regard to the possibly implications of rate cuts abroad, last year I made a speech looking at spillovers from monpol actions, principally in the US. This looked at banks' reaction function to monpol changes abroad. There are spillover effects e.g. Through trade, through capital markets. These are important inputs into the UK economy. Can't make a judgment about whether and when the Fed will alter their policy stance. When they do, will make a rejudgment.
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