Tickmill analyst Patrick Munnelly said in a note that high oil prices are
keeping inflationary pressure elevated, leaving the Bank of England's November
rate-hike probability intact. Recent energy-price declines have been
insufficient to shift market expectations; LSEG data show investors assign a 66%
chance of a November hike, unchanged from last week. Munnelly warned that unless
Middle East diplomatic efforts produce a material, sustained fall in energy
prices, markets are likely to retain some probability of a November tightening.
