First rate cut still some way off, BoE's Pill says

23rd Apr 2024 16:31

(Sharecast News) - The Bank of England's first interest rate cut of the current cycle remains some way off, its chief economist said.

In remarks prepared for a speech in London, Huw Pill said that he continued to believe that the time for a first cut "remained some way off".

Nonetheless, as at the time of the Monetary Policy Committee's last meeting, in early March, he judged that the UK was making "satisfactory progress" in returning inflation back to the BoE's target.

Following his remarks, as of 1628 BST sterling was ahead by 0.73% against the U.S. dollar to 1.2440 and the yield on the benchmark 10-year Gilt by five basis points to 4.254%.