The Bank of England is likely to shift the gear down on interest rate hikes this week as the economy enters a 'prolonged' recession and inflation is seen slowing towards the 2 percent target in two years' time.
Markets have penciled in a 50 bps rate hike, after the central bank delivered a 75 bps increase in November, which was the biggest in 33 years.
The Monetary Policy Committee is set to conclude the rate-setting meeting on December 15. The nine-member committee is likely to decide on the rate hike again in a split vote.
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by Renju Jaya
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