Bank of England will cut interest rate this year, RBC says [Business News Network (BNN) Energy & Resources (Canada)]
Royal Bank Of Canada (RY)
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Source: Business News Network
Bank of England will cut interest rate this year, RBC says The Bank of England will cut interest rates in November, the Royal Bank of Canada said, becoming the first to predict policy easing this year. “We see the MPC delivering a 25 basis-points rate cut this year in response to the extending of Brexit uncertainty and weaker external environment,” RBC analysts Peter Schaffrik, Cathal Kennedy and Vatsala Datta said in a note. “We no longer see the MPC as capable of delivering on its ‘gradual and limited’ hiking bias, even in the event of a ‘smooth Brexit.’” Bank of England Governor Mark Carney and his fellow policy makers still maintain that gradual and limited rate rises will be necessary if the Brexit process goes smoothly. That view is at odds with markets, who are increasingly forecasting the chance of a rate cut as the possibility of a hard Brexit rises. The Federal Reserve and European Central Bank have also indicated the monetary easing is on the way as the global outlook dims.
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