Last weekend MPC member Saunders dashed BoE rate hike hopes citing Omicron uncertainty. Since then we have the UK announcing some restrictive measures and now today’s GDP was a miss.
Sonia futures are also now pricing out a hike for next week with only a 0.08 bps move priced in. The December 2022 pricing is now below the BoE projection from their last meeting at 0.87. The BoE projected a 1.00 % rise.
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