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February rate hike, and three more on the way in 2022

The further surge in inflation coupled with the rapid tightening in the labour market will probably prompt the Monetary Policy Committee (MPC) to raise interest rates from 0.25% now to 0.50% on Thursday 3rd February and begin quantitative tightening (QT). We now expect the MPC to hike rates four times to 1.25% by the end of 2022, above the level of 0.75% expected by most economists this year.

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