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Abstract:According to a Reuters poll, the Bank of England will tighten its monetary policy further and hike interest rates at the upcoming meeting on February 3. Red-hot inflation and the milder economic impact of the Omicron variant were cited as reasons for the expected hike.
Key findings
Inflation will peak next quarter before starting to decline in the third quarter and won't reach the BoE's 2% target until the second quarter of next year, adding pressure on the central bank to act.
Median inflation forecasts for this quarter and next jumped to 5.2% and 5.5% from 4.7% and 4.6% in the previous poll released in December.
Almost 65% of respondents expected a 25-basis-point rate increase, while the proportion expecting a rise to 0.50% by the end of March was more than 75%.
Median forecasts showed the BoE hiking its main interest rate by another 25 basis points in the third quarter - a quarter earlier than predicted last month. The BoE will then wait until early next year before raising it again, to 1.00%, also earlier than previously expected.
Economic growth was expected to have slowed to 0.6% this quarter after expanding by 1.0% at the end of 2021. It will then grow 0.9% next quarter before slowing to 0.7% and 0.6% in the following two quarters.
GDP growth for 2022 was pegged at 4.5%, the median of 66 economists showed, and in 2023 it was put at 2.2%. That follows an expected 7.0% expansion last year.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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Wednesday's major data releases and macroeconomic events are expected to cause volatility to increase after another day of erratic trading in the financial markets. The Spring Budget for the UK will be released, and January Retail Sales figures for January will be made available by Eurostat. ADP Employment Change for February and January JOLTS Job Openings will be discussed later in the session on the US economic docket.
Major currency pairings are still trading in familiar ranges early on Tuesday after the erratic trading on Monday. The US economic docket for the American session will include the factory orders data for January and the ISM Services PMI survey for February. Final updates to the February PMI for the US, Germany, the UK, and the EU will also be released by S&P.