Their previous forecast was for the BOE to settle on a bank rate of 3.75% this year i.e. 75 bps more of rate cuts. Meanwhile, Morgan Stanley has also come out to say that they are expecting the BOE to cut rates at each meeting all through the year now - taking the bank rate to 3.25% by year-end, as compared to their previous forecast of 3.50%.
JP Morgan cuts UK GDP growth forecast to 0.6% vs 1.1% previously
- The firm also expects the BOE to deliver an additional rate cut in September, taking the bank rate to 3.50%
