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Calls Mount for ‘Assertive and Hawkish’ BOE Response to Tax Cuts

Sept. 25, 2022, 7:30 AM

Bank of England Governor Andrew Bailey is under intensifying pressure to serve as a line of defense for rattled financial markets amid calls to hike interest rates aggressively, perhaps as soon as this week, after the new government’s tax-cutting spree.

Economists at JPMorgan Chase & Co. and Citigroup Inc. now expect the central bank to lift rates by 75 basis points at its Nov. 3 meeting. Traders are pricing in a 100-basis point salvo and some see another massive increase in December.

An analyst at Deutsche Bank AG said the central bank needed to act in coming days “to regain ...