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Kiss Goodbye to a U.K. Rate Hike in May

A weak GDP report prompted traders to revise their bets for the next BOE rate increase

The worst U.K. economic-growth report since 2012 may have put the final nail in the coffin for the prospect of a Bank of England interest-rate increase next month. Traders slashed their bets to just a one-in-four chance of a move in May, from 50-50 on Thursday and a near certainty in March. The pound tumbled to a seven-week low, while 10-year gilts rallied the most in more than a month.

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