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Pantheon: Hikes pulled forward but still see 1% as terminal rate

BOE
  • “The urgency shown by some MPC members this week has persuaded us to pull forward our forecast for the next 25bp increase in Bank Rate to March, from May, and to pencil-in another 25bp hike for May. After that, though, we think the Committee will give the economy some breathing space. Indeed, we continue to think that 1.0% will be the terminal rate in this tightening cycle.”
  • “The MPC's three-year ahead inflation forecast, assuming market rates, is the lowest since November 2011. These numbers imply that the MPC thinks Bank Rate needs to increase by only 35bp more this year for CPI inflation to hit the 2% target in the medium term.”
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