BoE leaves hopes for rate-cut this year alive

Andrew Bailey, governor of the Bank of England, arrives to deliver a lecture at the London School of Economics in London, UK, on Tuesday, May 21, 2024. Bailey said markets should prepare for a big increase in securities repurchase operations as the central bank reduces its reserves well below current levels. Photographer: Chris Ratcliffe/Bloomberg

LONDON: The Bank of England (BoE) hinted that more officials may be close to backing interest-rate cuts, keeping alive hopes of a policy easing by the end of the summer.

The British central bank last week kept its benchmark lending rate at a 16-year high of 5.25%. But minutes of the meeting said the decision not to cut rates was “finely balanced” for some of the nine members of the Monetary Policy Committee.