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Which rate is inappropriate?

BOE
  • A bit of confusion from the BOE statement here... they mention in the statement that market rates are inappropriate and note that the market curve peaked around 4.75% in the run-up to the MPC meeting.
  • However, in the forecasts a rate peaking at 5.17% was used (NOT the 4.75% rate that the statement had implied).
  • So the question now is, were the MPC referring to a curve peaking at 4.75% as inappropriate or peaking at 5.17%? If it's the latter the market had already repriced. If it's the former, we will likely see SONIA futures need to move higher.
  • We await the press conference which will begin at 12:30GMT / 8:30ET for more clarity.
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