Traders are betting that in a contest to raise borrowing costs first, the Bank of England will be the runaway winner over the Federal Reserve. Market expectations for a U.S. liftoff of 25 basis points shifted to late next year from 2023 previously, after the Fed on Wednesday confirmed consensus for the start of unwinding asset purchases this year. Yet on Thursday, the BOE opened the door to a hike as soon as November, pulling positioning on rates further and faster. Money markets now see a 15-basis-point rate increase in February, followed by an additional quarter-of-a-percentage point move in August. “Historically ... (full story)