According to CoinMeta, market expectations for an interest rate hike by the Bank of England have been postponed, with a 25-basis-point hike expected to be fully factored in at the meeting next February. Based on LSEG data, as of the Bank of England's interest rate decision on December 17th, the market had factored in a cumulative hike of 24.3 basis points, which is lower than the level of over 25 basis points seen for most of August. By the time of the interest rate decision on February 4th next year, the market expects a cumulative hike of 36 basis points. The market's expectation for the Bank of England's interest rate hike at its September meeting is less than 4 basis points, indicating that the probability of a hike is only about 15%. In contrast, the market expects a 24-basis-point hike at the European Central Bank's September meeting. Data released last week showed that due to rising household energy bills, the inflation rate in the UK rose to 2.9% in July. At the same time, the labor market remains modest, which has become a major source of long-term inflation concerns for members of the Bank of England's Monetary Policy Committee.