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HSBC sticks to its February first hike view

BOE
  • HSBC has stuck to its call that the first hike will be in February.
  • "Our view of a first 15bp rate rise in February is in line with the consensus of economists, but it is a long way from market pricing. The MPC's lack of pushback is a major risk to this."
  • "A lot has changed over the past three weeks and a lot could change before 4 November. In our view, the economic fundamentals don't seem to have changed sufficiently to warrant the recent market move."
  • "Even if we are wrong on the timing, the speed and extent of tightening now being priced in looks too aggressive given the likely medium-term balance of supply and demand - and this may be more important point than whether tightening begins in November, December, or February."
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