Reuters said all 18 analysts in the poll, conducted on July 15-17, expect the 10bp cut. They projected the cycle, which started almost two years ago, would reach bottom at 2.10% in August. In the minutes of the previous rate-setting meeting, Council members said “further cautious easing of monetary policy might follow” but added that the base rate had “significantly approached a level which ensured the medium-term achievement of price stability and a corresponding degree of support for the economy”.
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