Investors are still pricing in too many rate hikes next year. This conclusion may seem counterintuitive, given the MPC’s unanimous vote to increase in the Bank rate at its latest meeting and the starkly more hawkish tone in which it delivered this decision. Certainly a hike in December or in 2027 Q1 cannot be discounted, given this new language, especially if energy prices spike back up. Yet despite the change in the mood music, there are three reasons we do