Bank of England rate cut is a close call even with inflation on target

Members of the central bank's voting Monetary Policy Committee are divided.

Markets remain split on the chance of a Bank of England rate cut on Thursday, despite U.K. inflation hitting the central bank's 2% target twice in a row.

Market pricing on Wednesday morning suggested a 60% probability of a rate cut at the BOE's Aug. 1 meeting. That is far less conviction than traders had before the European Central Bankat the start of June; while pricing for the U.S. Federal Reserve to cut for the first time in this cycle in September has hit 100%.

"I would rather hold rates until there is more certainty that underlying inflationary pressures have subsided sustainably," Haskel said.Despite this caution, numerous economists and analysts believe the doves will win out on Thursday.

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