Bank of England Governor Andrew Bailey told the Treasury Committee that he expects inflation to return close to target in April. He said a possible interest rate cut in March is “a genuinely open question”. He said that if inflation returns to target, there could be room to ease monetary policy further. He added that he will go into the next meetings asking whether a cut is justified.

Inflation Target And Rate Cut Timing

He said he expects there may be room for some further easing this year. However, he did not commit to any specific timing. Looking back at early 2025, the Bank of England suggested a rate cut could come as soon as March. The view then was that inflation would quickly return to the 2% target by April 2025, which would allow policy to ease. This gave markets a dovish signal at the time. But the first cut did not happen until May 2025. Later cuts then took the Bank Rate down to the current 4.5%. Inflation did fall, but it has stayed higher than hoped. The latest Office for National Statistics data shows the UK Consumer Prices Index was 2.9% in January 2026, still above target. Because inflation remains persistent, the case for further rate cuts is less clear than it was a year ago. As traders, we should consider that the market may be too confident about how fast easing will happen. That can create opportunity in interest rate markets.

Trading Implications For Rates And Fx

We think traders should consider options on SONIA futures to position for rates staying higher for longer. Current market pricing appears to expect two more cuts by the end of 2026. That may not happen if inflation stays elevated. Buying options that benefit if rates remain at or above 4.5% could be a sensible approach. For currency traders, this uncertainty can increase volatility in the British pound. The recent rise in the pound to $1.27 suggests the market is scaling back bets on large BoE cuts. We think option straddles on GBP/USD around upcoming BoE meetings can be a good way to trade the chance of sharp moves in either direction. Create your live VT Markets account and start trading now.

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A US Supreme Court ruling found President Trump’s IEEPA tariffs illegal. This brought tariff relief for Brazil. The IEEPA tariffs of up to 50% on Brazilian goods were replaced with a temporary 15% universal tariff under Section 122. If the current exemptions stay in place, Brazil’s effective tariff rate is expected to fall to about 10%, down from over 20% before the ruling. The earlier effective rate was below 50% because exemptions covered more than 35% of exports, and because exporters could switch to other markets.

Impact On Brazilian Exports

Lower tariffs should help Brazilian exports to the US recover in the coming months. However, Brazil-US trade is not expected to fully return to the conditions that existed before “Liberation Day”. Other US trade tools could still hurt Brazil. Section 232 tariffs, which target specific sectors on national security grounds, may affect parts of Brazil’s manufacturing and mining industries. Brazil could also face Section 301 tariffs tied to concerns about BRICS alignment. This article was created using an AI tool and reviewed by an editor. We view the recent US Supreme Court tariff ruling as a clear short-term positive for Brazilian assets. The effective tariff rate dropping from over 20% to around 10% should improve profit margins for Brazilian exporters. This may create an opportunity to consider bullish derivatives on companies with heavy US revenue exposure. This development should also support the Brazilian real. We see a potential move toward 4.80 per US dollar. In the last quarter of 2025, exports to the US fell 12% year over year, so even a partial rebound would help Brazil’s trade balance. Options markets are pricing in a moderate appreciation, which suggests BRL call options could be attractive.

Options And Hedging Approach

For equities, we are considering call options on the iShares MSCI Brazil ETF (EWZ) for broad exposure. We also see potential in the materials sector, which includes major exporters of steel and other industrial goods that were hit hard by IEEPA tariffs last year. Trading volume in these names has already increased, which may signal rising investor interest. Even so, caution is still needed because the risk of new US trade actions remains. Possible Section 232 tariffs on national security grounds, or Section 301 tariffs linked to BRICS politics, add meaningful uncertainty. Because of this, any rally could be unstable. For that reason, we think traders should hedge bullish positions. Out-of-the-money put options on key industrial and mining stocks can offer low-cost protection against a sudden policy shift. The sharp market moves during the first tariff announcements in 2025 are a reminder not to get complacent. Create your live VT Markets account and start trading now.

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GBP/USD traded near 1.3530 on Tuesday, up 0.30%. This gain came even after Bank of England Governor Andrew Bailey said the March meeting will consider whether a rate cut is warranted. The pair moved higher amid uncertainty over US trade policy and a firmer US Dollar. Overall market sentiment improved. However, software stocks stayed under pressure after reports that an Anthropic AI model can modernise software used in most ATMs worldwide, powered by IBM. The US Dollar Index (DXY) rose 0.16% to 97.85 after rebounding from weekly lows.

Us Data And Fed Messaging

US data signaled better job sentiment and easing inflation pressure. The Conference Board’s Consumer Confidence index rose to 91.2 in February, up from an upwardly revised 89. Chicago Fed President Austan Goolsbee supported keeping rates unchanged and said 3% inflation “is not good enough” compared with the 2% target. Atlanta Fed President Raphael Bostic also said policymakers must stay focused on inflation. Bailey pointed to some weakness in the labour market and wrote that “with inflation returning to target, there should be scope for some further easing in monetary policy.” The US introduced 10% global tariffs under Section 122, though duties were set at 15% for 150 days. In the UK, politics faces a test with an election in Manchester’s Gorton and Denton on Thursday. On the charts, GBP/USD was around 1.3521. Support sits near 1.3450 and 1.3400, while resistance is near 1.3700 and then 1.3800. Fundamentally, the gap between US and UK monetary policy is widening. The Bank of England is signaling possible rate cuts, while Federal Reserve officials continue to back holding rates steady. Over time, this kind of policy split usually supports a stronger US Dollar versus the Pound. Even so, the pound is holding above 1.3500, which creates a challenge for traders. UK inflation has fallen steadily from above 4% in late 2025 toward the 2% target, supporting the BoE’s more dovish tone. The fact that GBP/USD is still resilient suggests the market may not be fully pricing in the risk of a UK rate cut.

Event Risk And Trade Positioning

In the US, new global tariffs and stronger consumer confidence are helping the dollar. The Federal Reserve—after keeping rates steady through 2025 to bring inflation down—still looks likely to maintain that stance. This makes the dollar more attractive than currencies where central banks may start easing. A key near-term risk is Thursday’s UK by-elections in Manchester. A poor result for the Labour government could increase political uncertainty and trigger a sharp drop in the Pound. That makes holding GBP/USD long positions into the end of the week especially risky. For derivatives traders, high uncertainty often shifts the focus to volatility. Buying GBP/USD put options with a strike around 1.3450 could be a sensible way to position for a negative political surprise. This approach limits risk while keeping exposure to potential downside. The key technical level is 1.3400. A clear break below this support—possibly driven by the election result—would point to a stronger bearish trend. Trades that benefit from a breakdown, while controlling risk ahead of the event, should be the main focus. Create your live VT Markets account and start trading now.

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USD/JPY traded near 155.95 on Tuesday, up 0.80% on the day. The move followed stronger US data and continued weakness in the Japanese yen. US consumer confidence improved in February. The Conference Board’s index rose to 91.2 from 89.0 previously (revised). Even so, it remains well below the 112.8 peak seen in November 2024.

Dollar Demand And Trade Risk

The US Dollar Index (DXY) moved toward 98.00 as demand for the dollar increased. A US Supreme Court decision that challenged some tariff measures weighed on the dollar at first. However, a new 15% global levy announced by President Donald Trump renewed trade concerns and boosted safe-haven demand. Minutes from the Federal Open Market Committee showed that several Federal Reserve members think it is too early to ease policy further without clearer progress toward the 2% inflation target. Markets still price in several 25-basis-point cuts this year, which limits the dollar’s medium-term upside. In Japan, the yen stayed under pressure after reports that Prime Minister Sanae Takaichi voiced concerns about further rate increases during a meeting with Bank of Japan Governor Kazuo Ueda. Ueda said no specific policy requests were made. Still, the discussion increased speculation that policy normalisation could move more slowly. BNY, MUFG, and Société Générale highlighted political friction, shifting expectations for tightening as early as spring, and a weaker relationship between rate differentials and USD/JPY. They also said Japan’s growth outlook may matter more for the currency in the near term.

Looking Back And Forward

In early 2025, political pressure on the Bank of Japan and a rebound in US confidence helped push USD/JPY toward 156. Now, on February 24, 2026, that policy gap has widened further, with the pair trading near 162.50. This supports the strong trend that was already forming a year ago. In 2025, markets expected several Federal Reserve rate cuts. But inflation stayed high, and only one 25-basis-point cut was delivered late in the year. The latest January 2026 CPI print came in at a stubborn 3.2%, and hopes for aggressive easing this year are fading. This continues to support the US dollar. The 2025 concerns about political influence on Bank of Japan policy also proved justified. The BoJ managed only one cautious rate hike in mid-2025 and then paused. Markets now read that as a sign the bank has limited room to tighten. Governor Ueda’s recent comments still stress caution, which keeps the yen under pressure. With USD/JPY at multi-decade highs, outright long positions carry more risk. Still, the broader trend remains strong. Traders appear to prefer USD/JPY call options to keep upside exposure while limiting downside risk. Strikes around 164.00 for the coming weeks have become more popular. Implied volatility has risen to 9.5%, suggesting the market is preparing for either a breakout or a sharp pullback. At the same time, traders are watching for signs of a US slowdown, as the confidence rebound seen in early 2025 has faded. The latest University of Michigan sentiment reading for February 2026 fell to 78.5, suggesting high rates are starting to weigh on households. This makes strategies like call spreads appealing, as they can benefit from a steady move higher while providing some protection against a sudden reversal. Create your live VT Markets account and start trading now.

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USD/CAD was nearly flat on Tuesday. The pair traded near 1.3705 after an intraday high around 1.3725. A stronger US Dollar kept the Canadian Dollar under mild pressure. Last week, the US Supreme Court ruled that President Donald Trump’s use of the International Emergency Economic Powers Act to impose broad tariffs was unlawful. After that decision, Trump invoked Section 122 of the Trade Act of 1974. He announced a temporary 10% flat tariff on imports from all countries, effective Tuesday.

Fed Outlook And Dollar Support

Lower expectations for near-term Federal Reserve rate cuts supported the US Dollar. This followed slower fourth-quarter GDP growth and firm PCE inflation. Chicago Fed President Austan Goolsbee said he still sees room for more cuts this year. However, he wants clearer evidence that inflation is moving back to the 2% target. The ADP Employment Change four-week average rose to 12.8K from 11.5K. Conference Board Consumer Confidence climbed to 91.2, above the 87.1 forecast. It also rose from 84.5, which was revised up to 89. Markets will watch Trump’s State of the Union address on Wednesday for more details on trade policy. In Canada, the key release is fourth-quarter annualised GDP on Friday. There is little else on the calendar. WTI crude traded around $65.80, down about 0.90%. It pulled back from its highest level since August 2025. US-Iran tensions added swings to oil prices, which often influence the Canadian Dollar.

Trade Tariffs And Volatility Strategies

We view the new 10% flat US tariff as a major market shock. It may keep the US Dollar firm due to safe-haven demand. The policy adds uncertainty not seen since the trade disputes of the late 2010s, a period that often supported the greenback. For derivative traders, this backdrop points to a bullish USD bias versus major trading partners like Canada. The gap between the Federal Reserve and the Bank of Canada is widening. Recent US inflation data, with Core PCE at 2.9% last month, gives the Fed little reason to cut rates. At the same time, US tariffs directly threaten Canadian exports and growth. We are now pricing in a higher chance of a Bank of Canada rate cut by the third quarter of this year. This divergence should continue to support USD/CAD. This setup also favors larger price moves. One-month implied volatility on USD/CAD options has risen to nearly 9%, up from about 6% at the start of the year. Buying volatility using strategies like long straddles could be a useful way to position for a major move after Wednesday’s State of the Union address, without needing to pick direction. These options can profit from a sharp move higher or lower in the pair. The Canadian Dollar’s usual sensitivity to oil prices appears to be weakening. Even with WTI holding above $65 a barrel on ongoing US-Iran tensions, the Loonie has struggled to rise. This suggests trade concerns are the main driver. Last week’s EIA report showed a surprise crude inventory build of 4.1 million barrels, but currency markets largely ignored it. That is another sign we should not rely on oil alone to shape CAD positioning. In Canada, attention is now on Friday’s 2025 fourth-quarter GDP data. Forecasts point to a weak 0.8% annualised growth rate, reflecting trade headwinds that appeared late last year. A weaker print would strengthen the dovish case for the Bank of Canada. It could also be the trigger that pushes USD/CAD above 1.3800. We believe call options positioned for a move higher ahead of this release offer a reasonable strategy. Create your live VT Markets account and start trading now.

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Spot silver fell on Tuesday after a tariff-driven surge over the weekend lifted prices by about 6%. After jumping more than 6% on Monday, XAG/USD eased to around $87.87 as traders took profits. President Trump announced a 15% global tariff, which boosted demand for safe-haven assets. The announcement came after a US Supreme Court ruling that struck down broader emergency tariffs.

Supply Deficit Outlook For Silver

The Silver Institute expects a supply deficit for a sixth straight year in 2026. Forecast shortfalls range from 67 to 120 million ounces. Demand from AI data centres, electric vehicles, and semiconductors is expected to offset weaker demand from solar panels. Markets now expect the Federal Reserve to keep rates unchanged in March. Traders have priced in about 60 basis points of cuts over the rest of the year. Delayed US jobs and CPI data, along with comments from several Fed officials, are likely to guide near-term price action. On the daily chart, silver fell about 1% on Tuesday and tested $85.00. Price remains above the 50-day EMA near $80.20 and the 200-day EMA near $57.85. The broader uptrend is still intact from the $60.80 low. Since early February, silver has traded in a range of about $75 to $90 after falling from $121.66. Resistance sits near $90 and then $92–$93. Support is near $85, then $80, with $75 below.

Strategy And Risk Management

With today’s pullback toward $87, we see a potential opportunity following the tariff-fueled rally. The profit-taking looks like normal consolidation. Safe-haven demand, supported by ongoing geopolitical tension, remains an important driver. We view this dip more as a possible entry point for bullish exposure than as a major trend reversal. We are considering call options with strikes above the $90 resistance area, such as $95 or $100, with expirations in the second quarter. Implied volatility jumped after Monday’s surge, which makes options more expensive. However, higher volatility also reflects expectations for larger price swings. This approach provides upside exposure while keeping maximum risk defined. For risk control, we are watching $85 as a key support level. A clear break below it could lead us to add protection by buying put options or opening short futures as a hedge against existing long exposure. The 50-day moving average near $80 is the critical level that needs to hold to keep the bullish structure intact. The expectation of a sixth straight supply deficit adds fundamental support. In 2024, the physical deficit reached a record level of more than 230 million ounces, helping to drive the rally through much of 2025. This structural imbalance suggests industrial demand could absorb dips caused by short-term speculative selling. The Fed’s steady position also supports the backdrop. The CME FedWatch tool shows more than a 90% chance that rates stay unchanged in March. That reduces near-term policy uncertainty and shifts attention to this week’s delayed jobs and inflation data. If the jobs report comes in weaker than expected, it could speed up expectations for rate cuts later this year and provide another boost for precious metals. Create your live VT Markets account and start trading now.

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DBS Group Research says a US court ruling has overturned the unilateral IEEPA tariffs on the ASEAN-6. These countries now face their MFN rates plus a global 15% tariff under Section 122 until July 2026. Legal challenges could still arise before then. Malaysia, Thailand, Vietnam, and Indonesia would see lower effective tariff rates under the 15% levy. Global Trade Alert estimates reductions of about 1.7 to 3.2 percentage points (pp).

Tariff Impact Across Asean Six

Singapore’s effective tariff rate would rise by about 1.1pp under the same framework. Even so, Singapore would still have the lowest effective tariff rate among the ASEAN-6. Sector-specific tariffs under Section 232 are unchanged. Current exemptions, including those for semiconductors and non-branded pharmaceuticals, remain in place. DBS is keeping its regional economic projections unchanged. The recent US tariff ruling sets a clearer trade landscape. Removing the old IEEPA tariffs creates short-term winners and losers across the region. This shift changes export competitiveness for Malaysia, Thailand, Vietnam, and Indonesia relative to Singapore.

Positioning And Risk Considerations

Over the next few weeks, consider going long the currencies of the main beneficiaries, especially the Malaysian ringgit and the Thai baht. Thailand’s exports to the US, which were over $50 billion in 2025, now face a more favorable rate. Since the news, the baht has already strengthened from 35.2 to 34.8 versus the dollar. Derivative ideas include buying call options on these currencies, or on ETFs that track their local equity markets. Singapore looks more neutral because its effective rate has edged higher. It is still the most competitive in the bloc, but the change reduces its relative advantage. One possible approach is a pairs trade: favor Malaysian or Vietnamese equities over Singaporean peers, since the market may not have fully priced in this tariff shift. The key issue is that this tariff system is temporary and could face legal hurdles. It is set to expire in July. That points to elevated uncertainty and higher volatility in regional markets over the next five months. Buying straddles or strangles on major ASEAN equity indices could be a practical way to trade bigger swings, regardless of direction. Selectivity still matters. Exemptions for major sectors like semiconductors will limit the impact on some stocks. The bigger opportunities may be in non-exempt manufacturing, such as furniture in Vietnam and electronics assembly in Malaysia. These areas reacted strongly to tariff news in 2025. For that reason, derivatives may work better when targeted at specific industries, rather than broad market indices. Create your live VT Markets account and start trading now.

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EUR/USD traded near 1.1775 on Tuesday, after rebounding from a one-month low last week. The US Dollar found support when Fed minutes showed officials were split on the path for interest rates. Markets priced almost no chance of a rate cut in March, and about an 80% chance of no change in April. Fed Chair Jerome Powell’s term expires in May.

Fed And Ecb Policy Divergence

The ECB was seen as essentially on hold, with inflation close to its 2% target. ECB President Christine Lagarde confirmed she will serve her full term. US Consumer Confidence data and several Fed speeches were due on Tuesday. Traders also pointed to delayed US jobs and inflation reports later this week as key near-term drivers. On the daily chart, EUR/USD was down 0.12% and was trading near the 50-day EMA around 1.1775. The pair has fallen from the January high near 1.2080, a drop of about 300 pips. It remained above the rising 200-day EMA at 1.1585, close to the early-January swing low near 1.1580. The Stochastic Oscillator turned lower and moved toward oversold levels.

Key Support And Resistance Levels

Support was noted at 1.1750 and 1.1700. If the decline continues, 1.1578 is the next level to watch. A move back above 1.1830 would shift focus to 1.1900–1.1950. A correction note dated February 24 at 16:35 said the move lower happened on Tuesday, not Monday. At this point in 2025, EUR/USD was struggling near 1.1775, held back by uncertainty about the Federal Reserve’s next steps. Today, with the pair holding above 1.2150, that uncertainty has turned into a clear policy split that supports the Euro. The Fed has started a slow easing cycle, while the European Central Bank remains on hold. The split in Fed views seen in 2025 later led to rate cuts as US inflation cooled. Recent data shows US CPI has dropped to 2.5%, which has allowed the Fed to keep a more dovish stance. This contrasts with the Eurozone, where inflation is still firmer at 2.7%, making it harder for the ECB to consider rate cuts. With the uptrend now in place, derivatives traders may look to position for more Euro strength. The moving-average indecision seen in 2025 has given way to steadier momentum. Long call options or bull call spreads may be attractive because they offer upside exposure while limiting risk if US data surprises to the upside. It is also worth watching the longer-term technical setup, which has changed since last year. The 200-day moving average, which supported price near 1.1585 in early 2025, has now moved higher and may act as a floor around 1.1900. Traders can use this level as a possible strike area for selling puts to earn premium, or as a trigger level to reassess bullish positions. Create your live VT Markets account and start trading now.

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US shares rose on Tuesday after Monday’s AI-led sell-off. The Dow gained about 425 points (0.85%) and moved back above 49,000. The S&P 500 added about 0.6%, and the Nasdaq rose about 0.9%. On Monday, the Dow fell 822 points. Investors worried that AI could disrupt software and consulting, and they also faced uncertainty about tariffs. US President Trump raised global tariffs to 15% under Section 122 of the Trade Act.

AI Led Rebound

AMD shares jumped about 8% after signing a multi-year deal with Meta. Under the deal, Meta plans to deploy up to 6 gigawatts of AMD Instinct GPUs in its AI data centres. Shipments of custom MI450-based GPUs are expected to start in the second half of 2026. AMD also issued Meta a performance-based warrant for up to 160 million AMD shares. The warrant vests as shipment milestones are met. Nvidia was mostly flat ahead of its quarterly earnings report on Wednesday. Home Depot rose about 3% after reporting fourth-quarter adjusted EPS of $2.72, above the $2.55 expected. Revenue came in at $38.2bn versus $38.09bn forecast. Comparable sales rose 0.4%, while analysts expected a 0.4% decline. Home Depot guided for fiscal 2026 sales growth of 2.5% to 4.5%. It expects comparable sales to range from flat to up 2%. It also guided for adjusted EPS to be flat to up 4%. The company raised its quarterly dividend to $2.33 per share. The Conference Board Consumer Confidence Index rose 2.2 points to 91.2 in February, above the 87.0 expected. January was revised up to 89.0 from 84.5, ahead of Trump’s State of the Union on Tuesday evening.

Volatility And Hedging

Monday’s sharp sell-off and Tuesday’s quick rebound show that volatility is driving markets right now. The VIX, a key fear gauge, jumped above 20 on Monday and then eased to around 18 today. That is still well above the year’s average of 14. In this kind of market, defined-risk option strategies can make sense. AI disruption and trade policy could keep causing large moves in both directions in the Dow and S&P 500. The AI infrastructure buildout is creating clear winners, and that is where attention should be. The AMD–Meta deal supports the idea of a major new capex cycle. Traders can use call options or bull call spreads on AMD to try to benefit from the momentum. With Nvidia earnings tomorrow, options are pricing in a move of more than 10%. That is common for Nvidia around earnings. This makes straddles expensive, but they can still pay off if the stock makes a very large move in either direction. By contrast, the rebound in software stocks may be weak and could offer a chance to take bearish positions. IBM had its worst day since the dot-com bust on Monday, and today’s 3% bounce may not last if Salesforce gives weak guidance tomorrow. Buying puts on a software-focused ETF, or on the most exposed stocks, could help protect against another drop in that sector. The consumer outlook is unclear, which makes retail and housing trades harder. Home Depot beat estimates, but it also repeated that housing remains “frozen,” a theme that has lasted since 2023. Mortgage rates are still above 6%. The dividend hike shows strength, but the mostly flat guidance suggests limited upside. That makes Home Depot less attractive for near-term bullish trades. Trade policy is still the biggest unknown. It may be wise to stay hedged ahead of tonight’s State of the Union address. The risk of new global tariffs brings back the sudden market drops seen in 2025 when similar rhetoric appeared. Holding some protective puts on broad indices like the SPY can be a reasonable way to insure against a negative policy surprise. Create your live VT Markets account and start trading now.

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Bank of England Governor Andrew Bailey told the Treasury Select Committee that inflation is moving back toward the 2% target. If that continues, it could allow more rate cuts this year. He said a cut at the next meeting is “a genuinely open question”, and he will decide based on the data, without making promises in advance. Bailey said headline inflation was broadly in line with expectations. Goods inflation was weaker than expected, but services inflation did not cool as much as the Bank had hoped. That suggests domestic price pressures are still sticking around.

Policy Caution And Inflation Progress

Chief Economist Huw Pill said the Bank may previously have put too much weight on inflation hitting target at one moment in time. He said inflation pressure has not been fully removed yet, so policy should stay cautious. The hearing implied that rate cuts are possible. But the timing and speed will depend on services inflation and broader domestic conditions. GBP/USD climbed to a daily high above 1.3500 as the Pound strengthened and the US Dollar gave back earlier gains. The BoE targets price stability, aiming for 2% inflation, mainly by setting the base interest rate. It can also use quantitative easing (QE), which usually weakens Sterling, or quantitative tightening (QT), which is generally supportive for Sterling. Right now, the Bank of England is sending mixed messages, which adds uncertainty in the weeks ahead. Governor Bailey sounds open to cutting rates soon. Chief Economist Pill is pushing for caution, pointing out that stubborn inflation is still a risk. With these different views, it is hard to predict exactly when the first cut will happen.

Market Volatility And Trading Implications

This split was clear in the latest January 2026 data. Headline inflation fell to 2.1%, close to the Bank’s 2% target. But services inflation stayed high at 5.5%, which is a key concern. That makes the next inflation report a major event that could trigger a big market move. With this uncertainty, the Pound is likely to stay volatile. Implied volatility on one-month GBP options has already risen to 8.5%, up from around 7.0% at the start of the year. Traders may look to buy volatility, preparing for a sharp move in either direction after the next inflation release. The Pound’s recent rally above 1.3500 against the dollar may be too strong, given the Bank has clearly signaled that rate cuts are being considered for 2026. This strength could create a chance to position for a weaker Sterling. One way to do that is to buy GBP/USD put options with an April expiry, in case the Bank shifts to a more dovish tone at the next meeting. In 2025, the debate was about *whether* the Bank could cut rates at all. Now the debate is about *when* cuts will begin, which reflects a clear change in policy direction. Even with some hawkish voices, the overall path for interest rates now points lower. Create your live VT Markets account and start trading now.

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