What a difference a month makes

UBS
By May 8, 2018 02:04

What a difference a month makes

Regional view – United Kingdom

It has been an volatile month for those who follow the UK economy. And for those of us trying to predict what the Bank of England (BoE) will do with interest rates, it has felt like a white-knuckle ride. After a string of speeches from Monetary Policy Committee (MPC) members all pointing toward the need for higher rates, things got interesting when Governor Mark Carney poured cold water on these views. In fairness to the governor, he didn’t exactly rule out the need for interest rates to rise, he merely stressed that markets shouldn’t become too complacent with their views about the path of interest rate changes. At the time, market pricing for a hike at the May MPC meeting were close to a 90% probability of a raise. After Carney’s musings, this probability fell to around 50%

UBS
By May 8, 2018 02:04

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