Traders are betting on additional Bank of England rate cuts this year following weaker-than-expected retail sales data, with December sales volumes dropping 0.3% instead of the projected 0.4% increase. The figures reflect a trend of cautious spending during the holiday season due to the ongoing cost-of-living crisis, according to Retail Economics. Market expectations now include over 75 basis points of interest rate cuts by 2025, up from 65 basis points the day before, ahead of the BOE’s upcoming meeting on Feb. 6 where a quarter-point cut is anticipated.
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