Dave Ramsden, Deputy Governor of the Bank of England (BoE), has indicated that current inflation levels are altering his approach to monetary policy, suggesting a shift towards a more cautious stance regarding interest rate adjustments. The Bank recently maintained its benchmark rate at 3.75% while inflationary pressures continue to mount. Ramsden’s remarks suggest a reduced likelihood of interest rate cuts in the near term, with markets interpreting his focus on persistent inflation as supportive of a more measured approach. Market expectations for a 25 basis point rate cut at the November meeting have decreased, while the probability of a rate hike has increased.
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