According to Wu's report, Andrew Bailey, the Governor of the Bank of England, stated that policymakers still believe that the most likely scenario is four interest rate cuts (each by 25 basis points) next year. He mentioned that the pace of inflation decline is 'faster than we expected.' In an interview recorded for the Financial Times Global Board event on Monday, Bailey acknowledged that the market path in the Bank of England's November forecast is based on four rate cuts, which indeed brings inflation to the bank's target level of 2%.