BoA expects no further Bank of England rate hikes, then rate cuts from 2024

Bank of America on the Bank of England’s monetary policy following the +25 basis point rate hike last week.

ICYM hiking news:

BoA now:

  • We do not expect further rate hikes
  • We don’t see any reduction until 2024
  • BoE policy minutes increase upside risks to our 4.25% terminal rate call. They left enough options to hike again, but we are sticking to our call to not hike again.

BoA warning:

  • Our forecast is sensitive to data flow, particularly the next inflation reading and any impact on credit conditions from the recent turmoil in the banking sector.


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