LONDON, Nov 7 (Reuters) - The pound rose, while UK government bond prices pared gains on Thursday after the Bank of England delivered a widely expected rate cut, but signalled future reductions could be gradual, as it forecast higher inflation and higher growth ahead.

Sterling rose to $1.29405 immediately after the decision, from around $1.2905 earlier, while yields on the two-year gilt were at 4.478%, down 3 bps on the day, compared with 4.475% right before the BoE's announcement.

Investors were waiting for Governor Andrew Bailey's press conference at 1230 GMT for more clarity on the decision.

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https://www.reuters.com/markets/pound-up-gilts-ease-after-boe-cuts-rates-flags-inflation-outlook-2024-11-07/