Goldman Sachs: Expects the Bank of England to cut interest rates three times this year to 3%

Goldman Sachs' James Moberly and Sven Jari Stehn stated in their report that the Bank of England is expected to cut interest rates in March, June, and September, bringing the benchmark rate down to 3.0%. The Bank of England is expected to keep rates unchanged at Thursday's rate decision. "We still believe that weak labor market data will lead the Monetary Policy Committee to implement rate cuts in March, June, and September," they said. LSEG data shows that the UK money market has fully priced in expectations of a 25 basis point rate cut in July, while pricing for the possibility of another rate cut later this year is low.