A former member of the Bank of England’s monetary policy committee, DeAnne Julius, said the central bank will not be in a position to begin cutting interest rates in 2024, pushing back on economists’ optimistic consensus.
According to reports by The Telegraph, Julius, who was a member of the Bank's monetary policy committee from 1997 to 2001, said Hammas' attack on Israel and ensuing tensions in the Middle East could contribute to a new round of energy price rises, which could therefore prompt a new inflation shock. 'Stronger than expected' US jobs market shakes faith in imminent rates cuts Julius explained this would put pressure on the central bank to increase rates rather than cut them this year. "I do not think the Bank will be able [to lower rates] because I do not think inflation will come dow...
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