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...Markets at present anticipate three 0.25 percentage point cuts by the Fed and Bank of England this year, while for the European Central Bank it is closer to four....
...Sterling extended early losses against the dollar to trade down 0.4 per cent on the day at $1.273 after the Bank of England held rates at a 16-year high of 5.25 per cent for the fifth consecutive meeting...
...Private investors have piled into UK government bonds this year to lock in attractive yields as the Bank of England has kept interest rates at a 16-year high....
...Mary Perkins jokes that if you were to cut Specsavers’ workers open, “they’ve got green blood”....
...Traders in swaps markets moved to price a 72 per cent probability that the Bank of England will deliver its first quarter-point rate cut by June, up from a 40 per cent chance before official figures on Wednesday...
...UK wage growth continued to slow in the three months to January, confirming the Bank of England’s view that inflationary pressures were easing in the economy....
...Traders in swaps markets moved to fully price three quarter-point rate cuts by the Bank of England this year, up from two or three before official figures showed the UK economy contracted more than expected...
...Markets shrugged off the Bank of England’s decision to hold interest rates at 5.25 per cent, leaving sterling down 0.36 per cent against the dollar on the day at $1.2651....
...Interest rate sensitive 2-year gilt yields nudged down 0.06 percentage points after cooler than expected UK inflation data prompted traders to raise bets on Bank of England interest rate cuts....
...Investors pushed back their expectations on the timing of Bank of England rate cuts and sterling rose after stronger than expected wage data added pressure on the central bank in its battle to cool rising...
...Wednesday’s figures, which came a day before the Bank of England’s Monetary Policy Committee meets, also showed falls in service price and food inflation....
...Prime Minister Rishi Sunak welcomed the figures, describing them as “further evidence that the economy has turned a corner, with growth in both January and February and the Bank of England forecasting growth...
...Traders in swaps markets continue to bet on a likely 0.25 percentage-point Bank of England interest rate cut by August and two or three cuts by the end of the year....
...Traders in swaps markets have scaled back expectations for Bank of England rate cuts this year after UK inflation unexpectedly rose to 4 per cent in December....
...UK inflation stayed steady at 4 per cent last month, undershooting forecasts and leading traders to increase bets that the Bank of England will cut interest rates on the back of easing price pressures from...
...Sterling slid against the dollar after wage growth in the UK slowed slightly more than expected, supporting expectations that the Bank of England will deliver multiple interest rate cuts this year....
...Investors are now betting on only two quarter-point rate cuts from the Bank of England this year, compared with expectations in January of at least six during the course of 2024 and about three in March,...
...Traders slightly increased their wagers on interest rate cuts from the Bank of England this year despite official figures which showed that the UK economy returned to growth in January....
...Mary McDougall...
...Markets are betting that the ECB will deliver at least three quarter-point cuts by the end of the year, compared with two reductions for the Bank of England and only one or two for the Fed....
...Sterling extended earlier gains, rising 0.7 per cent to $1.2702 after the Bank of England kept interest rates at 5.25 per cent for a third time in a row....
...The inflation print comes as welcome news for the Bank of England after government data on Tuesday showed UK wage growth proved stronger than expected in the three months to December....
...UK government bonds led a global rally on Tuesday as Bank of England governor Andrew Bailey told a parliamentary committee that the UK didn’t need inflation to come back to its 2 per cent target before it...
...The Bank of England is widely expected to hold rates at 5.25 per cent at noon, but attention will focus on the vote split among rate setters, along with any changes to its guidance and inflation forecasts...
...Support for sterling comes as traders shift to price in two or three 0.25 percentage point interest rate cuts from the Bank of England this year, compared with six quarter-point cuts that were priced in...
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