{"id":127408,"date":"2019-07-13T08:10:36","date_gmt":"2019-07-13T08:10:36","guid":{"rendered":"https:\/\/www.bnreport.com\/merrill-lynch-forecast-bank-of-england-to-cut-rates-twice-in-next-year\/"},"modified":"2019-07-13T08:10:36","modified_gmt":"2019-07-13T08:10:36","slug":"merrill-lynch-forecast-bank-of-england-to-cut-rates-twice-in-next-year","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/merrill-lynch-forecast-bank-of-england-to-cut-rates-twice-in-next-year\/","title":{"rendered":"Merrill Lynch forecast: Bank of England to cut rates twice in next year"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.cityam.com\/assets\/uploads\/main-image\/full_width_article_body_image\/2015\/07\/bank-of-england-getty-1024x640-57ff79d736747-57ff79d75c094.jpg\" \/><\/p>\n<p>The Bank of England could slash interest rates twice over the course of the next 12 months, economists at the Bank of America Merrill Lynch have predicted.<\/p>\n<p>In a note published today the US multinational investment bank has said it expects Threadneedle Street to cut rates by 25 basis points in November this year and May 2020.<\/p>\n<p><strong>Read more:<\/strong> <a href=\"https:\/\/www.cityam.com\/deutsche-bank%e2%80%88saved-in-the-nick-of-time\/\" rel=\"noreferrer noopener\" target=\"_blank\">Deutsche Bank \u2013 saved in the nick of time?<\/a><\/p>\n<p>\u201cWhile<br \/>this should not be a difficult call it feels difficult. Although the<br \/>Bank of England has recently turned dovish we think they will resist<br \/>cutting rates given how hard they argued for moving away from the<br \/>effective lower bound,\u201d Merrill Lynch said.<\/p>\n<p>It<br \/>added: \u201cInflation expectations in the UK may be slightly deanchored<br \/>on the upside rather than the downside. And all future Prime<br \/>Ministerial candidates are promising fiscal easing.<\/p>\n<p>\u201cWe<br \/>also think the Bank of England waits until after the 31 October<br \/>Brexit deadline. It may be easier to factor in downside Brexit risks<br \/>at that point, especially if growth has remained weak to that point.\u201d<\/p>\n<p>Merrill Lynch also said in todays note that the growth outlook is worse than it had originally thought, as it forecasts 1.2 per cent GDP growth in 2019 and 0.9 per cent in 2020, with continued trade wars and a higher chance of a no-deal Brexit pushing down expectations.<\/p>\n<p>The<br \/>predictions come on the same day as one member of the Bank of<br \/>Englands monetary policy committee (MPC) said interest<br \/>rates could be cut to almost zero if Britain leaves the European<br \/>Union without a deal.<\/p>\n<p>Gertjan Vlieghe, a member of the rate-setting MPC, told an audience in London today that the central bank might have to slash rates to nearly zero in the event of a no-deal Brexit.<\/p>\n<p>Read more: <a href=\"https:\/\/www.cityam.com\/bank-of-england-top-official-says-int&lt;\/br&gt;&lt;a href=https:\/\/www.cityam.com\/merrill-lynch-forecast-bank-of-england-to-cut-rates-twice-in-next-year\/&gt;&lt;strong&gt;Read More \u2013 Source&lt;\/strong&gt;&lt;\/a&gt;&lt;\/p&gt;_[contf]_[contfnew]_        &lt;img src=\" rel=\"noreferrer noopener\" target=\"_blank\"><\/a><\/p>\n<h5><a href=\"http:\/\/www.cityam.com\/\" rel=\"noreferrer noopener\" target=\"_blank\">CityAM<\/a><\/h5>\n<p>[contfnewc]<br \/>\n[contfnewc]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Bank of England could slash interest rates twice over the course of the next 12 months, economis..<\/p>\n","protected":false},"author":1,"featured_media":127409,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[],"class_list":["post-127408","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - 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