Hawkish talk from Bank of England officials was driving the pound up, and keeping a lid on the FTSE 100.
The British pound rose on Monday as two Bank of England officials dropped hints of a more hawkish policy over the weekend, with those comments weighing on U.K. stocks despite strength in energy prices.
“The February one is fully priced in and for December, it’s half priced in…I think it is appropriate that the markets have moved to pricing a significantly earlier path of tightening than they did previously,” he said. “We think that the BoE’s current narrative, in particular its failure to push back against markets pricing three hikes between now and mid-2022, is evidence that the MPC is attaching a sizable weight to the risk that trend growth is lower and the output gap higher than we think,” said Barclays analysts Fabrice Montagne and Abbas Khan of Barclays, in a note to clients.
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