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Analyst Views: Hawkish to Dovish (3/4)

BOE
Rabobank25bp hikes in Jun22 and Aug22 "before the economic data forces the MPC to pause its hiking cycle." Risk of 2023 cuts is "very real."
ING25bp hike in Jun22 and potentially Aug22 before MPC pauses. If market conditions allow, could see gilt sales later this year.
CitiInsurance hikes of 25bp in Jun22 and Aug22 as inflation expectations edge higher. Then on hold as labour market softens before cuts in H2-23. Active QT now to begin in Sep22.
MS25bp hike in Jun22, with risk of Aug22. More details on QT in Aug22. In Q4-22 gilt sales begin at GBP10bln/Q pace and the focus switches away from Bank Rate.
TDFinal 2022 hike in Jun before a pause to 2023. Bank Rate at 1.75% by Aug23. Long pause after Jun22 hike as the BOE consider active gilt sales.
BNPNext hike in Jun22 before pause to 2023. Look for two further hikes in 2023 to bring Bank Rate to 1.75%. Gilt sales to commence in 2023.

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