Investors increase their bets on a 100 basis-point BoE rate hike By Reuters

Balloon pops, Newmont, Storage M&A, rate fears - what's moving markets

Investors increase their bets on a 100 basis-point BoE rate hike

Economy Oct 26, 2022 07:17AM ET

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Investors increase their bets on a 100 basis-point BoE rate hike

LONDON (Reuters) - Investors increased their bets on the Bank of England raising its benchmark rate by a full percentage point on Nov. 3 after the government of British Prime Minister Rishi Sunak delayed an announcement of its tax and spending plans until mid-November.

Interest rate futures put the chance of a 100 basis-point rate hike by the BoE at about 37%, higher than before the announcement of the delay.

Earlier this month investors sharply scaled back their nearly 100% bets on such a big borrowing costs increase after new finance minister Jeremy Hunt ripped up the economic plans of former prime minister Liz Truss last week, before she resigned.

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