The Bank of England lowered its policy rate by 25 basis points to 4.75 percent, in line with expectations.

The Bank of England (BoE) made its second interest rate cut of the year. The Bank lowered its policy rate by 25 basis points to 4.75 percent, as expected.

In a statement from the Central Bank, it was mentioned that borrowing costs could be further reduced but at a gradual pace.

The decision was made by 8 votes to 1. Member Catherine Mann voted to keep the interest rate at 5 percent.

BoE made its first interest rate cut in August and kept the rate unchanged in September.

Thus, BoE became the first major central bank to cut interest rates after the U.S. elections. Signs of change in the global economy’s outlook were observed following Trump’s election as U.S. president.

Investors are focused on the interest rate decision of the U.S. Federal Reserve (Fed) to be announced tonight. It is highly expected that the Fed will make a 25 basis point interest rate cut.