Feature Article: The boost from falling rates will be a slow‐burner.

According to the article "Feature Article: The boost from falling rates will be a slow-burner," the Monetary Policy Committee is expected to begin cutting interest rates in May, resulting in a cumulative 100bps reduction by the end of 2024. However, the impact on economic growth is likely to be modest in 2024, with most of the benefits delayed until 2025 and beyond. The article also highlights that lower interest rates may have a positive fiscal impact, allowing for potential tax cuts in the March Budget. Additionally, the article discusses the potential challenges of lower rates on household net interest income and mortgage rates. Overall, the article suggests that while rate cuts may provide some support to the economy, the boost is expected to be gradual rather than immediate. [Extracted from the article]