Before the decision yesterday, Morgan Stanley had noted before this that there was a "possibility of cuts in both November and December or neither". Adding that their base case was expecting "sequential cuts from November 2025 to a terminal rate of 2.75%". So, this marks a notable change to that particular call.
Besides that, UBS Global Wealth Management and Peel Hunt both also no longer expect the BOE to deliver any more rate cuts for the remainder of the year. Meanwhile, BNP Paribas has pushed back their call of a rate cut in November to one in December now.
