Will the Bank of England hike interest rates in February 2022? That’s more-or-less when markets are currently expecting the first 15bp move, with a further 25bp rate hike priced for the second half of next year, too. But if investors are looking for the BoE to endorse this outlook when its releases its latest policy decision this Thursday, they are likely to be disappointed. Indeed, we think markets are jumping the gun, and instead we expect the first rate rise to come in the second half of 2022, probably in November. That's mainly because the recent rise in inflation is not necessarily as hawkish as it might seem. ... (full story)