Market insights

Market Comment - 2nd February 2023

Good morning,

Yesterday the FED raised the US interest rate by the expected 0.25% to 4.75%. However it wasn't cut and dried. Some members of the FOMC thought the hike should have been 0.5%. The main dissenter was Jerome Powell.

Today sees the Bank of England make its decision. It's going to be a big day for the Pound on many fronts. Firstly the expectation is for a 0.5% increase to 4%. However last time around there were 2 members of the MPC who voted to not move rates at all. There are a total of 9 votes. The 2 from last time are expected to vote the same way again. What will be interesting is the vote and also the overall hike. It could be a good morning to take risk off the table. Straight after the decision is a speech by the Bank of England Governor, Andrew Bailey.

And if all that wasn't enough there's the ECB rate decision out after that. Analysts are expecting a 0.5% hike to 2.5%. Hold onto your hats.

There's then an ECB press conference and a speech by the ECB President, Christine Lagarde.


Today’s Economic Calendar

UK: 12:00 BoE Interest Rate Decision

UK: 12:30 BoE's Andrew Bailey Speech

EUR: 13:15 ECB Interest Rate Decision

EUR: 18:30 ECB's Christine Lagarde Speech


As ever we look forward to keeping you in the loop and look out for our next update.

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