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Ailing UK Economy Is Causing Traders to Unwind Rate Hike Bets
With the UK economy looking worse by the day, traders are less confident that the Bank of England will deliver the biggest rate hike since 1995. Just a few weeks ago, a 50 basis-point increase seemed like a sure thing, and money markets were signaling 100% certainty in a more aggressive approach to tackle inflation. But now the picture is cloudier. The probability has dropped to 70%, and more strategists are saying 25 basis points would be a better choice. It’s all because inflation is eating into household incomes and skyrocketing energy costs are set to push more people into poverty. The International Monetary ... (full story)
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