Bank of England Expected to Hold Rates at 3.75%

The signal here is less the hold itself than the market's hawkish read and the November hike being priced in, which keeps the near-term rate path asymmetrically tilted toward tightening even as the Bank slows its balance-sheet runoff. The shift in the pace of active sales and redemptions matters for gilt demand and for how much duration the private market absorbs, a channel that spills into sterling and risk appetite. Whether the November pricing survives the next inflation prints is the open question.