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(M2) Correction Extends

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Late Session Rebound

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(M2) Corrective Cycle Remains In Play

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BOE

Credit Suisse has joined a number of analysts over the past few days pushing back its first forecast rate hike from December to February.

  • CS notes: "The uncertainty on the new variant would make the rate decision next week more finely balanced and be enough to delay the BoE rate lift-off from December 2021 to February 2022."
  • "The fundamentals are still intact for hikes next year, with inflation and labour data surprising on the upside... we continue to expect a similar path of rate hikes as before... We now expect a 15-bps rate hike from the BoE in February 2022... barring bad news on the variant that causes severe restrictions to be re-imposed... We expect the next two rate hikes in May and November 2022, such that Bank Rate reaches 0.75% at the end of 2022."
MNI London Bureau | +44 203-865-3820 | tim.davis@marketnews.com
MNI London Bureau | +44 203-865-3820 | tim.davis@marketnews.com

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