Bank of England Governor Andrew Bailey reiterated in an interview published on Wednesday that gradual cuts in interest rates are likely over the next year, adding that the process of falling inflation is well embedded.

The Pound Sterling experiences a whipsaw move after BoE Governor Bailey predicted four interest-rate cuts in 2025 as he expects the disinflation process is embedded. Traders expect the BoE to keep interest rates steady at 4.75% at this month's meeting.

Bank of England Governor Andrew Bailey reiterated in an interview published today that gradual cuts in interest rates are likely over the next year, adding that the process of falling inflation is well embedded.

Bank of England Governor Andrew Bailey on Wednesday signaled that the U.K. could be on track for four interest rate cuts over the next year, if inflation continues on a downward path. Speaking in a pre-recorded interview that aired at the Financial Times's virtual The Global Boardroom event,