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BNP Paribas is the latest investment bank following the call of RBS, UBS, Citi, and Bank of America Merrill Lynch calling lower rates for longer from bank of England (BOE).
Latest minutes from the bank, released today have given analysts material to rethink, where the bank sounded much more concerned over global economy and its impact on UK economy. Its outlook on inflation has also moderated considerably. According to BOE, inflation is much weaker than they originally assumed and current pace of wage growth may not be sufficient enough to reach inflation objective.
The French bank adjusted their rate hike call from February 2016 to May 2016. The Bank now sees that bank of England might choose to wait for few more months from February before adjusting policy.
Pound has taken rather a large hit over today's BOE minutes, and down 100 pips from its today's high, trading at 1.527 against Dollar.
