英国央行将基准利率下调至3.75% 未来降息决策将面临微妙权衡

Core Viewpoint - The Bank of England has lowered interest rates to their lowest level in nearly three years, providing a boost to UK households ahead of Christmas and indicating that inflation has cooled enough to allow for further policy easing in 2026 [1][2]. Summary by Relevant Sections Interest Rate Decision - The Monetary Policy Committee voted 5 to 4 to reduce the benchmark interest rate by 25 basis points to 3.75%, marking the first rate cut since August [1][2]. - This decision comes after the committee did not take any action in the previous two meetings [1][2]. Economic Indicators - Recent data shows a decline in economic growth, the labor market, and price pressures, leading to a shift in stance from Bank of England Governor Andrew Bailey towards supporting market expectations for policy easing [1][2]. - The inflation rate unexpectedly dropped to an eight-month low, prompting the Bank to forecast that inflation will be "closer" to the 2% target by spring next year [1][2]. Future Outlook - The committee indicated that evidence suggests borrowing costs will continue to decrease next year, but future rate cuts will require careful consideration as the Bank approaches neutral interest rates [1][2]. - Governor Bailey stated that while rates are expected to gradually decline, subsequent cuts will face more challenging decisions after each reduction [1][2]. Market Reactions - Following the announcement, the British pound and ten-year UK government bond yields recovered from previous declines, with the two-year bond yield rising by 3 basis points to 3.74% and the ten-year yield increasing by 2 basis points to 4.49% [1][2]. - The exchange rate for the pound against the dollar remained stable around 1.3383 [1][2].