Traders Fully Price In Four Bank of England Rate Hikes for First Time Since March

The signal here is less about the hikes themselves than about how quickly positioning has flipped: markets have moved from tentative to fully discounting a four-hike path, a stance last seen in March. That matters most for rate-sensitive corners of crypto and RWA markets, where sterling funding costs and gilt yields feed into tokenized treasury and yield-bearing product economics. Whether this pricing holds will depend on incoming data that could just as easily unwind it, as it did after March.