Traders Fully Price Two BOE 25bp Hikes by March

The significance here is less the size of the tightening than the completeness of the pricing: with two hikes fully discounted, the market has left little room for a slower BOE path, so the risk sits in repricing rather than in the direction itself. This matters most for rate-sensitive corners of sterling markets and for crypto and RWA holders who have been trading off the global rate trajectory rather than domestic UK news. Whether the BOE validates that pricing at both meetings, or pushes back against it, is the open question worth watching.