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OUTLOOK
  • The focus is squarely on central banks today with the SNB, Norges Bank and BOE all set to announce their policy decisions, while the market will continue to adjust to a hawkish Fed dot plot from last night.
  • The SNB decision will be announced at 8:30BST / 9:30CET. Most forecasts acknowledge the real risk of tightening anywhere between 50 and 100bps this month. See the MNI SNB Preview here.
  • The Norges Bank decision at 9:00BST / 10:00CET is expected to see a 50bp hike with a front-loading bias in the rate path, with focus on the magnitude of hikes expected in November and December. See the MNI Norges Bank Preview here.
  • The Bank of England decision will be announced at midday BST / 13:00CET. There is no press conference today as there is no MPR. The decision for Bank Rate is expected to be between 50bp and 75bp with markets pricing around 67bp but 20/23 analysts looking for a 50bp hike. MNI expects most MPC members will favour 50bp. However, the MNI Markets team also thinks there is a considerable chance that the start of active gilt sales is delayed until after the November MPC meeting given the huge uncertainty over the UK fiscal outlook and potential for a huge increase in gilt issuance from the DMO in coming months. See the MNI BOE Preview here.
  • In addition to the CB decisions we will have speeches from Riksbank's Ohlsson at 8:00BST/9:00CET and Floden at 12:30BST/13:30CET. We have already heard from Schnabel today but she is due to speak again at 17:30BST/18:30CET. While BOE's Tenreyro is due to speak at 16:00BST/17:00CET on climate change.
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