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Terminal rate expectations fall further

  • Interesting answer from Bailey and Broadbent (see 12:47GMT bullet). This backs up our 12:20GMT bullet that there is nothing in the language that means the BOE would be committed to further hikes and we could be done here... But they are very clear that there are upside risks here if the data doesn't move in line with their expectations.
  • Terminal rate expectations have fallen further here to around 34bp by June (from an adjusted 42bp pre-meeting and from 49bp earlier this week).- Gilt futures also moving higher with more weakness for GBP FX.

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