Wednesday preview: BoE's Megan Greene in focus on a quiet day

Wednesday is set to be a very quiet session for both corporate earnings and economic data, though a speech from a member of the Bank of England's Monetary Policy Committee will likely be closely watched.

Megan Greene, an external member of the MPC who was appointed in June 2023, is set to give a talk on consumption at the Chambers of Commerce in Newcastle at 0900 BST, just a week after the BoE decided to stand pat on rates.

Her comments will follow an interview with the BoE's governor Andrew Bailey on Tuesday, who said he was "very encouraged" with recent falls in inflation, "therefore I do think the path for interest rates will be downwards, gradually".

Greene was one of the eight members of the nine-member MPC who voted to maintain the Bank Rate at 5% on 18 September. One member, Swati Dhingra, called for a reduction to 4.75%.

The MPC's next meeting is on 7 November, at which it is widely expected to resume monetary easing with a cut of 25 basis points to the Bank Rate.

"We regard another rate cut in November as almost certain," said Andrew Goodwin, chief UK economist at Oxford Economics, in an email last week.

"It would be consistent with the message that the MPC reiterated in September's minutes, that 'in the absence of material developments, a gradual approach to removing policy restraint would be warranted'.

Wednesday 25 September

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