Bank of England cuts interest rates for first time in over four years
Istanbul, August 1 (Hibya) - The Bank of England cut its interest rate to 5 percent on Thursday, its first cut in more than four years. The Bank Rate has been held at a 16-year high of 5.25 percent since August 2023.
While several analysts had expressed the possibility that the BoE could announce an interest rate reduction during its latest meeting, a lack of clear signalling from the central bank had shrouded the decision in uncertainty.
Markets were pricing in a 61 percent probability of a 25-basis-point reduction of the BOE's key rate at the August meeting, despite U.K. inflation hitting the BOE’s 2 percent target for two straight months.
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