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View Change: MS: Keep terminal rate at 2% but three 25bp hikes by November

BOE
  • “Weak growth data mean that we think another 25bp is likely in August. Still, a weak currency is adding to imported inflation pressures, and the guidance clearly opens the door to a 50bp move.”
  • “Given the change in guidance, we now front-load our hikes from November 2022 and February 2023 to September and November. Our projected terminal rate remains 2%.”

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