The BoE implicitly sends a slightly hawkish message

Highlights:

• While the Bank of England (BoE) unanimously kept its monetary policy unchanged today, it could well change the pace of its QE buying in May.
• Given no response to the strong rise in Gilt yields, the bank’s implicit message looks relatively more hawkish in comparison to the ECB and the Fed.
• We expect the BoE to terminate its QE programme by the end of the year while we see a first rate hike not before H2/2023.

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