Economics
JPMorgan Moves Up U.K. Rate Hike Forecast After Strong Jobs Data
- Bank of England may boost rates in first half of 2022
- Call is more hawkish than the median but follows BofA and HSBC
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JPMorgan Chase & Co. brought forward its forecast for when the Bank of England may raise interest rates, saying the strength of the U.K. labor market makes a move likely in the second quarter of 2022.
Economist Allan Monks said the first 15 basis-point increase to 0.25% will come six months earlier than he previously expected, and more tightening will follow every six to nine months after that. He moved after official data showed record wage growth and job vacancies.