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UK Bets on Faster Hikes
Traders increased their bets on another Bank of England rate hike in December, with the probability of a quarter-point increase rising to 50% from around 30% before the decision. They are pricing in three similar increases by the end of next year. The Bank raised rates by 25 basis points to 4%, with eight policymakers voting in favor and Catherine Mann voting against, calling for a half-point increase to 4.25%. The two-year government bond yield rose to 4.79%, while the pound held steady at $1.3465. Analysts expect another hike unless there are signs that the economy is being harmed or that geopolitical tensions in the Middle East have stabilized durably.
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