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Bank of England Governor Bailey Warns 60-Day U.S.-Israel-Iran Ceasefire Would Still Bring Uncertainty, Not Ease Rate Cuts

GateNews
Forex
According to the Financial Times, Bank of England Governor Bailey warned on May 30 that a 60-day ceasefire between the U.S., Israel, and Iran would still bring uncertainty and would not immediately pave the way for rate cuts. Bailey said a near-complete agreement would not change his fundamental assessment of the conflict's risks to the UK economy. "A 60-day ceasefire may help, but it does not solve the problem," Bailey stated, adding that such an agreement "still brings uncertainty about what happens after 60 days." Bailey also noted he has not fully abandoned the scenario where energy prices fall quickly without impacting core inflation, but achieving rate cuts on that basis would require "much stronger confidence" that such shocks would not persist.
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