Traders betting directly against interest-rate hikes by the Bank of England do so at their peril — no matter how overblown market pricing might look. With the BOE’s latest decision due in days, banks including HSBC Holdings and Citigroup Inc. are telling clients that the scale of tightening currently baked in to money markets is too aggressive. At the same time, with sticky inflation putting pressure on shorter-maturity notes and volatility high, they warn the timing of any policy shift is far from certain. “We find ourselves frustratingly at the mercy of timing,” said Daniela Russell, a strategist at HSBC. “The ... (full story)