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Bank of England Could Cut Rates Further, MPC Member McCafferty Says

The Bank of England (BOE) could cut rates further and boost bond purchases if the economic downturn in the U.K. deepens, a rate-setter at the central bank said Tuesday.

Last week, the BOE slashed its benchmark interest rate to a record low of 0.25 percent, announced an increase in government bond purchases, and lowered its economic growth forecast as the U.K.’s vote to leave the European Union (EU) increased uncertainties.

“If the economy proves to have turned down in line with the initial survey signals, I believe that more easing is likely to be required, but that can easily be delivered in coming months,” Ian McCafferty, an external member of the BOE’s Monetary Policy Committee wrote in an Op-Ed for the Times of London newspaper.

CNBC [1]

Gold Forecast for Second Half of 2016 – Trends And Expectations [2]

Gold Steady after Sharp Losses at End of Week [3]

This Is What to Watch Tuesday [4]

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Craig Erlam

Craig Erlam [7]

Senior Currency Analyst at OANDA [8]
Based in London, England, Craig Erlam joined OANDA in 2015 as a Market Analyst. With more than five years' experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while conducting macroeconomic commentary. He has been published by The Financial Times, Reuters, the Wall Street Journal and The Telegraph, and he also appears regularly as a guest commentator on networks including Sky News, Bloomberg, CNBC and BBC. Craig holds a full membership to the Society of Technical Analysts and he is recognized as a Certified Financial Technician by the International Federation of Technical Analysts.