Traders bet on more Bank of England rate cuts in 2025 after data shocks.

Sales volumes fell 0.3% month-on-month in December, the Office for National Statistics said Friday, versus the 0.4% increase forecast in a Reuters poll of economists.

Following the Friday release, markets priced in a total of more than 75 basis points worth of interest rate cuts throughout 2025 from the BOE’s current key rate of 4.75%. That compares to around 65 basis points of cuts expected on the previous day, though this then eased back toward 70 basis points later on Friday. The central bank next meets Feb. 6, when a quarter-point cut is widely expected.

Source: CNBC