BoE Expected to Raise Bank Rate to 0.5% With a 9:0 Vote Split. Get your market update from JMcQueenFX here:
A reminder that last month, Tenreyro had been the sole dissenter, voting to keep the Bank rate unchanged given the uncertainties surrounding the Omicron variantThis will mark the first back to back hike since 2004, however, with money markets fully priced in for a 25bps hike, the focus for traders will not necessarily be on what they do, but what they say.
. Therefore, we can expect the BoE to confirm that it will embark on quantitative tightening, particularly with Governor Bailey recently stating that such action will likely have a minimal impact.Inflation has continued to edge higher, the latest reading printing at 5.4% Y/Y and moving closer to the MPC’s peak forecast of 6% by April
. In turn, staff projections will likely show an upgrade. Meanwhile, the labour market remains robust, with the unemployment rate falling to a fresh cycle low of 4.1%, although, the wages component pulled back a touch, slightly alleviating concerns of a wage-price spiral. On the whole, the recent string of economic data further emphasises the need for the central bank to hike.
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