BoE/Ramsden: Potentially Faster Rate Cuts Needed

Forex - Bank of England's Deputy Governor Dave Ramsden stated that the likelihood of inflation in the UK remaining at least below the BoE's latest forecasts is as high as the probability of meeting those forecasts, potentially necessitating faster interest rate cuts. Ramsden said, "According to the forecasts published by the Monetary Policy Committee, an acceleration in growth and inflation exceeding the 2% target somewhat over the next two years seems reasonable. However, given the uncertainties, I believe it is also at least as likely that the recent trends in the disinflationary process will continue." Speaking at a conference at the University of Leeds in northern England, Ramsden added, "If these uncertainties diminish and evidence more clearly points to additional disinflationary pressures, then I would consider that a less gradual approach to lowering the Bank Rate may be necessary."