Commenting on the Bank of England MPC meeting today and the vote to hold interest rates steady at 4%, Barret Kupelian, Chief Economist at PwC, said:
“The Bank’s finger is hovering over the rate-cut trigger.
“Against the backdrop of rampant speculation over the Autumn Budget, the Bank of England's Monetary Policy Committee voted 5-4 to hold rates steady today. The split decision reveals a committee increasingly poised to pivot. The question is no longer if rates will fall, but when.
“According to the meeting's summary, the MPC now judges that CPI inflation has ‘peaked’ and that the risks of it proving more stubborn are fading. Coupled with an expected fiscal tightening next month, the ground is being prepared for a rate cut as early as December.”
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