Traders cut bets on Bank of England hikes to one this year amid weaker oil and
easing inf expectations; money markets price 36 bps of cumulative hikes by
year-end, lowest in over a month; swaps tied to policy dates imply one 25 bp
hike and under 50% chance of a second; probability of first hike in July about
50%; Bank of England governor Bailey said inf expectations have not become
unanchored; April inf slowed to lowest in over a year.
