Traders have stepped up their bets that the Bank of England will cut interest rates on Thursday, as markets prepare for aggressive moves by the US Federal Reserve to lower borrowing costs.
Investors are now pricing in around a 35 per cent probability that the UK central bank will cut rates by 0.25 percentage points, according to LSEG data. That compares with a roughly 20 per cent chance the market was ascribing to a cut late last week.
While keeping rates at 5 per cent is still seen as the more likely outcome for the BoE, bets on a cut have increased as traders increasingly expect a jumbo Fed cut of 0.5 percentage points on Wednesday.
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