BoE: Mkt See Cuts as Modestly More Likely

-OIS pricing in 1.5bp to 6bp of additional cuts vs before June MPC meeting

-Pricing suggests the next move will be a cut but outlook is uncertain– only half a 25bp cut is priced in over the next year – due to uncertainties around the outcome of Brexit and global tensions/slowdown

-Unlike mkt pricing for ECB and FOMC, BoE OIS pricing has not yet returned to the lows of 6^th/7^th June

-Few banks have made any notable changes to their BoE calls after the June meeting but today GS made a tweak. They still expect the next move to be a HIKE but pushed back the timing from Nov 2019 to Nov 2020