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Other sell-side reactions to yesterday's fiscal package (2/2)

BOE
  • BofA: "We raised our BoE forecast last week to four 25bp hikes this year, with risks skewed to the upside. We noted an elevated probability of a 50bp move in August. We remain comfortable with that call. Risks are skewed up."
  • Deutsche Bank: "For the Bank of England (BoE), [yesterday's] announcements should be positive for nearterm growth and medium-term inflation. All up, risks remain for more – not less – front loaded tightening given the bigger than expected offset to weakening demand coming through in Q4-2022"
  • Goldman Sachs: The "policy support package gives us more confidence in our view that the BoE will need to hike into contractionary territory in order to rein in wage growth and inflationary pressures. We continue to expect the MPC to undertake a fast hiking cycle, raising Bank Rate by 25bps in back-to-back meetings through February 2023, with our terminal Bank Rate at 2.5%"
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