In the updated projections, BoE revised down four-quarter real GDP growth forecast in Q2 2018 to 1.4%, down from February’s 1.8%. Four-quarter GDP real GDP growth forecast in Q2 2019, Q2 2020 are held unchanged at 1.7%.
Four-quarter inflation rate forecast for Q2 2018 was revised down to 2.4%, down from February’s 2.7%. For Q2 2019, inflation forecast was revised down from to 2.1%, from 2.2%. Q2 2020 inflation forecast was revised down to 2.0%, from 2.1%.
The updaed conditioning path for Bank Rate showed that the economic projections are based on the assumption of 1 rate hike this year, in Q3. That is, probably in August.
