BoE joins the rate hike club, Australia may be done already

The Bank of England has raised interest rates, joining a group of central banks tightening policy, while Australia's central bank may already have completed its hiking cycle, according to the headline. The transmission channel runs through rate differentials and sterling: a BoE hike widens the yield gap versus economies that have paused, typically supporting the pound and pressuring gilt prices as yields rise. Gilts and sterling-denominated assets are most directly exposed, with rate-sensitive UK equities such as housebuilders and highly leveraged borrowers facing higher financing costs, while the Australian dollar may lose support if traders price the RBA as finished. The next catalyst for traders is the UK CPI release, since inflation persistence will determine whether markets keep pricing further BoE tightening or begin to fade the hiking path.

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