BOE’s Lombardelli does not rule out December rate hike, she tells the Guardian

The Bank of England's Deputy Governor Clare Lombardelli told the Guardian that a rate hike at the December policy meeting cannot be ruled out, signaling that the central bank has not closed the door on further tightening. The comment points to an inflation-driven repricing channel, where sticky price pressures keep the policy rate expectations elevated and shift the implied path of Bank Rate higher relative to pricing that had priced in cuts or a hold. Sterling is the most directly exposed asset, as wider short-sterling and SONIA futures spreads against U.S. and euro-area benchmarks tend to lift the pound through rate differentials and capital inflows into sterling-denominated assets. Gilts, particularly the front end of the curve, face upward pressure on yields as traders reassess the terminal rate, while UK equities with domestic exposure, such as housebuilders and rate-sensitive lenders, may see mixed reactions given higher borrowing costs weighing against improved net interest margins. Traders should watch the next UK CPI release and the Bank's latest Monetary Policy Report for confirmation of whether services inflation and wage growth justify a December move.

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