So the Bank of England cut rates by 25 basis points at their February meeting. This brings the UK bank rate down to 4.5%, which is still pretty high compared to other developed market peers. That said, the 25 basis point cut was really very much expected.

So today was really all about: where does the Bank of England see the UK macro economy evolving from here, and where are rates crucially going from here?

So the headline coming out of their macroeconomic forecast, was that the UK is facing an even more challenging macroeconomic picture. Growth is expected to be marginally weaker over the next year or so, but inflation is going to be significantly higher, peaking at just under 4%. That's nearly a full percentage point higher than what they expected just back last November. So a much more challenging macroeconomic mix.

But that said, the Bank of England are still pretty confident that underlying domestic inflationary pressure is, in fact easing. But there are risks around whether that will continue and uncertainties. So yes, rates are expected to come down from here further. Yes. The Bank of England continues to signal that these rate cuts are going to be gradual.

But the big takeaway from February's meeting is that these rate cuts now are also going to be careful. And to us, this means that these rate cuts are not on a predetermined path. And depending on how the data crucially the inflation data evolve in the coming months, we could see even longer pauses between further reductions in bank rate.

So this means an even more drawn out, cutting path for the Bank of England from here.