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Bank of England Governor Andrew Bailey said it is not unreasonable for the markets to expect interest rate cuts this year. The BoE does not endorse the market curve, Bailey told lawmakers on the Treasury Select Committee.
The Bank of England left its benchmark interest rate unchanged for the second straight meeting on Thursday as economic activity in the UK is projected to be weaker than previously estimated and the labor market showed signs of loosening, and the bank vowed to keep the policy restrictive for sufficiently long to bring inflation back to the target sustainably.
Bank of England Governor Andrew Bailey said the UK central bank was on high alert since the failure of the U.S. technology sector focused lender Silicon Valley Bank in the past few weeks.