Driven by this morning's PMI beat, BoE terminal rate pricing is up over 15bp on the session, pointing to 63bp of further hikes by September 2023 (Bank rate of 4.63%).

That's still about 5bp off the Feb 14 peak seen after US CPI and UK jobs/wage data (and before reversing the following day on softer-than-expected UK CPI numbers).
42bp of cumulative hikes are priced in by the May meeting, up 7bp on the day. This implies 25bp fully priced for March, with about 2/3 prob of a further 25bp in May.

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Driven by this morning's PMI beat, BoE terminal rate pricing is up over 15bp on the session, pointing to 63bp of further hikes by September 2023 (Bank rate of 4.63%).

That's still about 5bp off the Feb 14 peak seen after US CPI and UK jobs/wage data (and before reversing the following day on softer-than-expected UK CPI numbers).
42bp of cumulative hikes are priced in by the May meeting, up 7bp on the day. This implies 25bp fully priced for March, with about 2/3 prob of a further 25bp in May.

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