Graf said: “While the Bank noted that ‘they are not yet at the point’ of cutting rates, emerging softness in the labour market data and sufficient progress in inflation returning to target suggest the wait will not be long. In their own words, policy is not only restrictive, it will remain so even after cutting rates. The institution at long last has an easing bias and the first cut will likely come no later than the June meeting, potentially as soon as May.”
