- Markets form their own view
- We are more cautious than markets
- It's really too early to start speculating about rate cuts
- There is more to do on bringing inflation down to target
- But there are encouraging signs on inflation
Bailey is offering some pushback to the market pricing in recent weeks but even so, the odds of a rate cut in May are still seen at ~94% currently with 42 bps of rate cuts priced in for June next year.
