BOE Started Interest Rate Hikes First, But Is Set to Finish Last
- The UK boosted rates in December 2021, before Fed or ECB
- Markets don’t see a UK cut until late 2024, well after peers
The Bank of England in the City of London, UK.
Photographer: Jason Alden/BloombergThis article is for subscribers only.
The Bank of England was the first major central bank to start raising interest rates. Money markets are betting it may be the last to stop.
Strong labor-market figures on Tuesday sparked big moves in bond markets, with two-year gilt yields jumping to the highest since 2008. They surged 26 basis points, the most since Liz Truss’s short-lived premiership.