BOE Could Cut Rates Earlier Than Expected as Labor Market Weakens -- Market Talk

Dow Jones01-20 18:21

1021 GMT - The Bank of England could cut interest rates earlier than markets expect as the U.K. labor market deteriorates, Berenberg's Andrew Wishart says in a note. Data showed U.K. average wage growth, excluding bonuses, slowed to 4.5% in the three months to November, from 4.6% in the three months to October. The unemployment rate stayed at 5.1%, above the consensus forecast of 5.0% by economists in a WSJ poll. Markets price in one 25 basis-point BOE rate cut in the first half of 2026 and a possible second rate cut later in the year, LSEG data show. "We expect an earlier and larger reduction in interest rates than the market from 3.75% now to 3.00% in the third quarter," Wishart says. (miriam.mukuru@wsj.com)

(END) Dow Jones Newswires

January 20, 2026 05:21 ET (10:21 GMT)

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Data showed U.K. average wage growth, excluding bonuses, slowed to 4.5% in the three months to November, from 4.6% in the three months to October. The unemployment rate stayed at 5.1%, above the consensus forecast of 5.0% by economists in a WSJ poll. Markets price in one 25 basis-point <a href=\"https://laohu8.com/S/00710\">BOE</a> rate cut in the first half of 2026 and a possible second rate cut later in the year, LSEG data show. \"We expect an earlier and larger reduction in interest rates than the market from 3.75% now to 3.00% in the third quarter,\" Wishart says. 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