The Bank of England may be already done with its bid to stamp out sticky UK inflation after a cooling in the economy and jobs market, according to Michael Saunders, a former hawkish rate-setter.
Saunders, who served on the BOE’s Monetary Policy Committee between 2016 and 2022, said that “the emerging weakness in the economy” plus “signs that the labor market is beginning to loosen” will allow the BOE to shift strategy at this month’s meeting.
Markets currently expect a further two hikes from the BOE in the coming months, lifting its key lending rate to 5.75%. However, chief economist Huw Pill threw more rate rises into question by calling for a “Table Mountain” path for policy where rates are left flat at high levels for a prolonged period rather than rise further.
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