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ING reports that the Bank of England raised its Bank Rate to 0.75% on March 17 with a more cautious tone, and the 8-1 vote was more dovish than February's split. The war in Ukraine is expected to push near-term UK inflation to about 8% in April.
ING pencils in a fourth hike for May but sees a good chance of a pause afterward.
A slower hiking path and a growth hit from the energy shock weaken sterling against the dollar and reduce the pound's appeal. For feed buyers, the outlook points to a softer pound and a more expensive UK energy and fertiliser backdrop.
think.ing.comAntoine Bouvet, Chris TurnerMar 17, 2022Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
