Money market pricing for a BOE cut at Thursday's September meeting dipped from 35% late Tuesday to 26% Wednesday morning
Market pricing for a Bank of England rate cut on Thursday has crept higher this week, but the broad expectation remains for it to hold.
Meanwhile, money market pricing for a BOE cut at Thursday's September meeting dipped from 35% late Tuesday to 26% Wednesday morning, still slightly higher than it was last week. The move came aftercame in at 2.2% for August, steady on July and in-line with expectations — thus backing the need for a little more caution in Threadneedle Street.
Sanjay Raja, chief economist at Deutsche Bank, told CNBC a more "forceful" rate cut from the Fed would not necessarily move the dial for the BOE this week, not least because the Monetary Policy Committee generally ratifies its decision around lunchtime on Wednesday ahead of its Thursday announcement. The Fed's announcement is not due until 7 p.m. London time .
"Headline inflation is coming down because China is losing economic steam faster than it cares to admit and they're inadvertently deflating the world, which is great for central banks," he added.
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