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CNBC Markets pricing in 78 chance of BOE rate cut next week Dhwani Mehta

According to Hargreaves Lansdown, the UK.-based investment providing platform, financial markets are pricing in a 78% chance of an interest rate cut from the Bank of England (BOE) at its monetary policy review held next week, CNBC reports.Ben Brettell, senior economist at Hargreaves Lansdown noted, “Since the referendum Mark Carney has shown he’s very much on the front foot trying to deal with the economic implications of Brexit.””Last week he (Mark Carney) expressed confidence the U.K. economy would prove resilient enough to deal with the challenge, but also said that the Bank’s forecast of slowing growth in the event of a vote to leave the European Union had now become its central case, and that he believed rates would have to be cut over the summer.”While Investec Economics stated in a research note, “With politics in such flux, the BoE has stepped into the policy void with further post-Brexit announcements.” “Next Thursday (14 July), the MPC will meet for its first post-Brexit policy decision. Our call is for the Committee to cut Bank rate (by 25bps) at its August meeting, alongside the publication of fresh forecasts. But we would not rule out a rate cut, or some other policy action, next Thursday.”

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