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UK: Bank of England cuts 150bp − more to come
Thu, Nov 6 2008, 13:55 GMT
by Allan von Mehren
Overview: Bank of England (BoE) took an unprecedented step today by cutting the Bank Rate 150bp. This took the Bank Rate from 4.5% to 3.0%. Consensus (and our forecast) was an easing of 50bp. Hence BoE's move was a major surprise and indicates that central banks are ready to take extraordinary measures to fight the global slow down. We now expect BoE to cut further by 50bp in the following 3 months, taking the Bank Rate to 1.5% in Q1.
Published on Thu, Nov 6 2008, 13:57 GMT
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