BOE’s Lombardelli Says More Evidence Needed Before Next Rate Cut

Bloomberg05:56

(Bloomberg) -- Bank of England Deputy Governor Clare Lombardelli said she needs to see more evidence of cooling price pressures before she backs another interest rate cut.In an interview with the ...

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Trump’s victory and the possibility of the UK budget stoking price pressures has only entrenched caution on Threadneedle Street over policy. Markets are now expecting just three quarter-point cuts by the end of 2025.While Lombardelli said that trade barriers “certainly are negative for growth in the short, medium and long term,” she said the impact on inflation is less clear.Economists have speculated that economies not directly in Trump’s firing line, such as the UK, could see disinflationary forces take hold in a global tariffs war if it diverts world trade and hits global demand. The FT reported that she acknowledged that higher US tariffs on Chinese goods could mean disinflation elsewhere as the products are diverted at a discount. However, Lombardelli said that domestic inflationary threats are currently a bigger concern, warning that the labor market is “still tight.” She added high services inflation “does suggest we have further to go.”Inflation climbed back above the BOE 2% target in October and is expected to rise closer to 3% over the next 12 months.©2024 Bloomberg L.P.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2486851528"}