There has been a parade of boosts to Bank of England rate hike forecasts today following hot inflation data. The CPI report showed prices up 8.7% y/y compared to 8.2% expected.
Bank of America is the latest to raise their estimate of the terminal rate as they now see 5.25% compared to 4.75% before the data. The current rate is 4.25% and they now see a series of hikes through September.
Bank of England Governor Andrew Bailey will speak again at the top of the hour.