An increase in interest rates this week could be the last in the current cycle, according to experts
the organisation was forecasting that cuts would “begin only from mid-2024 given the need to bring inflation down markedly from current elevated levels.”
Others, including bank BNP Paribas, are also forecasting a cut to rates in summer 2024, though some economists think a reduction in rates could be even further away. “That would be longer than the average 10-month gap since 1997 between the last rate hike and first rate cut. We have pencilled in the first rate cut for November 2024.”The Bank of England generally increases rates in order to cut inflation, with the thought-process being that if rates are higher, and people are paying more on borrowing costs, their spending reduces, slowing the rate of price increases as demand falls.
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