Iain Stealey, JPMorgan Asset Management's fixed income international CIO, anticipates the Bank of England will hold interest rates steady. Speaking to Bloomberg Television, Stealey believes the BOE is unlikely to act today. He suggests the central bank needs to see further evidence of inflation cooling before considering any policy adjustments.

This comes as the UK grapples with persistent inflation, though recent data offers some signs of easing price pressures. The BOE has been under pressure to bring inflation down to its 2% target. Financial markets are closely watching the BOE's decisions, as they impact borrowing costs and investment.

Stealey's view reflects a broader market expectation of a pause, given the mixed economic signals. The BOE has already raised rates aggressively to combat inflation, and now faces the challenge of balancing price stability with economic growth. Further rate hikes could stifle growth.

Investors will be scrutinizing the BOE's accompanying statement for clues on future policy direction. Any shift in tone or forward guidance could trigger market volatility. The market will be looking for any clues about future rate cuts or increases. The market will react to any surprise announcement.