**As seen in Macro Walk report 09/22/23, subscribe at cablefxm.co.uk/reports
Heading into the BoE September monetary policy meeting, overnight index swaps had seen an additional 33bps of tightening by year-end. Hawkish bets had been reduced as August inflation surprised to the downside
The BoE held rates unchanged at 5.25% on Thursday, 5/4 vote to hold
As of Friday close, almost all hawkish bets were pared, pricing now sees around 11bps of tightening by year-end. Market participants do not see the Bank Rate rising this cycle
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