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

Economy Oct 26, 2022 07:17AM ET
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© Reuters. FILE PHOTO: People stand outside of the Bank of England in London, Britain, October 10, 2022. REUTERS/Hannah McKay

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.

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

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