With the Bank rate set to hit 1%, the BoE will have some optionality going forward. As outlined in August 2021, the Bank would consider actively selling some stock of purchased assets. Get your market update here:
. Keep in mind that the data has not included the Ofgem cap increases which is expected to push inflation even higher in the April report. Meanwhile, the labour market remains robust, with the unemployment rate falling to a fresh cycle low of 3.8%. But more importantly, the wages component continued to increase, advocating the case the further tightening in monetary policy remains appropriate.
That being said, last month the MPC altered its rate guidance, stating that some further modest tightening in monetary policy “MAY” be appropriate in the coming months, which is slight softening of guidance from “LIKELY”. This change in guidance is important, given that it highlights the BoE’s growing concern over the cost of living squeeze and its subsequent growth implications, raising the risk that the Bank underwhelms the markets hawkish expectations.
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