Bank of England Governor Bailey: Not surprised by market betting on future rate cuts.

Bank of England Governor Andrew Bailey said he was not surprised by the market's reduction in bets on future rate cuts, and described the situation as "very finely balanced." In an interview, Bailey reiterated his view that interest rates will continue to decline, but noted that there is now more uncertainty about "when to take action." Just hours before Bailey made the above comments, the Bank of England cut its benchmark interest rate to the lowest level in over two years by a vote closer to expectations, prompting the currency market to reduce bets on the size of future rate cuts by the Bank of England. Traders currently believe that the likelihood of a rate cut in November is less than 50%.