BAML are the latest to pour cold water on BOE rate expectations as they push out their forecast for the first to November from August 2015
They say the market is understating the effects of the currently strong momentum in the real economy on inflation and the uncertainty the UK election will create for 2016, with fears rising over doubts on EU membership.
They also note that the BOE will want to lag behind the Fed on both the pace of normalisation and the level of the policy rate
