The Bank of England is expected to keep interest rates unchanged at 3.75% on April 30, with UBS predicting another unanimous vote following the March 19 decision.
UBS analysts said the April meeting is likely to focus on the impact of the energy shock, with the new Monetary Policy Report and updated forecasts playing a key role in the central bank's assessment.
At its March meeting, the Monetary Policy Committee acknowledged the significant impact of rising energy prices on near-term inflation expectations and left open options ranging from a prolonged hold to a rate hike without committing to a specific policy move. Markets interpreted this stance as hawkish.
Since then, Governor Bailey has pushed against market expectations, saying markets are getting ahead of themselves by pricing in a 32-basis-point rate increase by the end of the year.
Monetary Policy Committee member Alan Taylor stated that he sees a "high threshold for a hike," while Hugh Bell expressed skepticism about the "wait-and-see approach," saying the bank needs to "consider the possibility that further [tightening] may be required."$BTC
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