Bank set to hold fire on rates for now

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The Bank will publish updated forecasts for growth and inflation next week which are likely to show that both the price outlook and the growth outlook has deteriorated since the last forecasting round in February.

Most economists expect the Bank quarterly Inflation Report to leave the door open to further interest rate cuts, but at a gradual pace.

"We think that after a pause this week the Monetary Policy Committee will cut interest rates again in June and eventually all the way to 3.5 percent," said Paul Dales at Capital Economics.

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