Coming up from the Bank of England on Thursday, 9 May 2024, at 0700 US Eastern time:

boe preview may 2024 12

Preview snippets.

Via Bank of America:

  • 7-2 vote in favour of leaving the Bank rate unchanegd
  • Ramsden and Dinghra expected to vote for a 25 basis point cut
  • But we should see in the minutes a continuation of the pivot towards cuts. Forecasts are likely to reflect that. Given hawkish market pricing we would expect inflation slightly below target by 2026, leaving the door open for a cut in the next few meetings, including June.

Via Westpac:

  • The Bank of England is widely expected to leave rates on hold at its upcoming policy meeting.
  • Prospects for rate cuts over the coming months remain favourable, so hints around the precise timing of policy easing will be in focus.

Via BNZ:

  • The Bank of England is unanimously expected to hold rates steady at 5.25%.
  • It is likely to be another 8:1 split vote with one MPC member continuing to call for a rate cut.
  • The BoE will release its inflation report containing updated economic projections.
  • The market is pricing the first 25bps rate cut by August and about 55bps of easing by the end of the year.


  • The Bank of England is widely expected to leave interest rates unchanged.
  • The post meeting communication and voting split among Committee members will be in focus as market participants look for hints the BoE is getting closer to considering a rate cut.
  • We expect the first BoE interest rate cut in September.